China's PPI drops 2.8% YoY in September, clothing prices decline
China's producer price index (PPI) declined by 2.8 per cent YoY in September. On a monthly basis, the PPI declined by 0.6 per cent, an improvement from the previous month's 0.7 per cent drop. Clothing and general commodity prices decreased by 0.3 per cent, as per the National Bureau of Statistics (NBS).
Regarding the annual price changes across categories, producer prices for industrial products saw a 3.3 per cent decline in the prices for means of production. Prices for raw chemical materials decreased by 3.3 per cent, according to the data from NBS.
Non-food prices were down 0.2 per cent, reversing a 0.2 per cent uptick in August. On a monthly basis, the PPI declined by 0.6 per cent, improving from a 0.7 per cent drop the previous month. Purchasing prices for industrial producers fell 2.2 per cent YoY and 0.8 per cent MoM. The durable consumer goods prices saw a larger decline of 2.1 per cent.
The monthly PPI changes were witnessed due to international commodity price fluctuations and weak domestic demand, said the NBS statistician Dong Lijuan. From January to September, the average PPI fell by 2 per cent YoY. Meanwhile, the consumer price index (CPI), a key indicator of inflation, increased by 0.4 per cent in September compared to the previous year.
