China’s factory-gate prices see narrow decline

BEIJING: China’s consumer price index (CPI), a main gauge of inflation, rose 0.2% year on year in December, up from a 0.5% decrease in November, according to the National Bureau of Statistics (NBS).

The CPI edged up 0.7% on a monthly basis, compared with the 0.6% drop registered in November.

Food prices increased 1.2% year on year last month, reversing a 2% decline in November and contributing about 0.26% points to the CPI increase, said Dong Lijuan, a senior statistician with the NBS.

Growing consumer demand, rising costs and special weather conditions were the main factors that pushed the CPI back into positive territory, Dong said.

In 2020, China’s CPI rose 2.5% year on year, staying within the government’s annual target of around 3.5%.

China’s producer prices saw a narrowed decline in December 2020 amid a steady recovery in industrial activities, official data showed.

The producer price index (PPI), which measures costs for goods at the factory gate, fell 0.4% year on year in December, narrowing from the 1.5% drop in November.

On a monthly basis, the PPI rose 1.1% last month.

The continued recovery of domestic demand and soaring prices of some global commodities led to rising industrial product prices, said NBS senior statistician Dong Lijuan.

Affected by rising international prices of crude oil, the sub-index for the oil and gas extraction industry increased 7.9% from the previous month, according to the NBS. — Xinhua

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