A worker checks the carbon fiber production line in a factory in Lianyungang, Jiangsu province on June 15, 2022. (PHOTO / VCG)
BEIJING - China's producer price index, which measures costs for goods at the factory gate, went down 1.3 percent year-on-year in November, the National Bureau of Statistics said Friday.
The decrease was flat with that registered in October. On a monthly basis, China's PPI gained 0.1 percent in November, moderating from the 0.2 percent increase in October.
With stronger government efforts to ensure coal supply, producer price growth of the coal mining and washing industry slowed to 0.9 percent month-on-month in November, compared with the 3-percent rise in October
Due to a high comparison base in the same period last year, the PPI continued a year-on-year decline in November, while rising coal, oil, and non-ferrous metal prices have led to the monthly PPI increase last month, according to senior NBS statistician Dong Lijuan.
Among 40 industrial sectors surveyed, 25 saw a year-on-year price growth last month, the data showed.
With stronger government efforts to ensure coal supply, producer price growth of the coal mining and washing industry slowed to 0.9 percent month-on-month in November, compared with the 3-percent rise in October.
Steel demand remained weak last month, with the PPI of the ferrous metal smelting and processing sector retreating 1.9 percent month on month.
The carry-over effect of last year's price movements contributed about 1.2 percentage points to the year-on-year PPI decline in November, Dong said.
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Customers pick commodities at a supermarket in Taiyuan, Shanxi province, on Oct 14, 2022. (PHOTO / VCG)
Food prices reversed the 0.1-percent gain in October to fall 0.8 percent month-on-month, lowering the monthly consumer inflation by about 0.14 percentage points, according to NBS data
Consumer inflation up 1.6 percent
NBS data also showed the consumer price index, a main gauge of inflation, rose 1.6 percent year-on-year in November.
On a monthly basis, the CPI edged down 0.2 percent, affected by domestic COVID-19 outbreaks and seasonality, noted Dong.
Food prices reversed the 0.1-percent gain in October to fall 0.8 percent month-on-month, lowering the monthly consumer inflation by about 0.14 percentage points, according to the data.
Specifically, the price of pork, a staple meat in China, edged down 0.7 percent in November from the previous month. Authorities have been releasing pork from the central reserves in recent months and hog production kept rising, Dong said.
READ MORE: China's consumer inflation eases to seven-month low
However, pork prices still hiked 34.4 percent year-on-year, narrowing by 17.4 percentage points from the previous month.
Non-food prices rose 1.1 percent from a year earlier, unchanged from October. The prices of gasoline, diesel, and liquified petroleum gas went up by 11.4 percent, 12.3 percent, and 4.6 percent year-on-year, respectively.
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