China’s producer price growth eases in July

China’s producer price index (PPI), which measures costs for goods at the factory gate, went up 4.2 percent year on year in July, the National Bureau of Statistics (NBS) said Wednesday.

The figure moderated from the 6.1 percent year-on-year increase registered in June. On a monthly basis, China’s PPI fell 1.3 percent in July.

Due to various domestic and international factors, the prices of industrial products fell on the whole last month, said senior NBS statistician Dong Lijuan.

Among 40 industrial sectors surveyed, 35 saw year-on-year price growth in July, down from 37 in June, NBS data showed.

The coal mining and washing industry saw its PPI climb 20.7 percent year on year in July, shrinking 10.7 percentage points from June.

The PPI of the oil and gas extraction industry went up 43.9 percent year on year in July, down 10.5 percentage points from June.

The carry-over effect of last year’s price movements contributed about 3.2 percentage points to the year-on-year PPI growth in July, according to the NBS.

Wednesday’s data also showed that China’s consumer price index, a main gauge of inflation, rose 2.7 percent year on year in July.