China's industrial producer price index (PPI) dropped by 2.4% year on year but ticked up 0.4% from the previous month in July, according to data from the National Bureau of Statistics.
The price of production goods fell by 3.5% year on year, with the magnitude of decline 0.7 percentage points narrower from the previous month and dragging down PPI by 2.56 percentage points. In particular, the price of mining, raw material and processing industries fell by 7.1%, 6.9% and 1.8% on the yearly basis respectively.
The price of production goods ticked up 0.5% month on month, with the magnitude of growth keeping flat from June and pushing up PPI by 0.34 percentage points. In particular, the price of mining, raw material and processing industries rose by 3.1%, 0.9% and 0.1% from June respectively.
The industrial producer purchasing price index (IPI) fell by 3.3% from the year-ago level while rose by 0.9% month on month in July, data showed.
The purchasing price of fuel and power slid by 10.8% year on year but increased by 2.5% from the previous month, and that of ferrous metal materials dropped by 2.8% year on year while edged up 0.9% from a month ago.
The average PPI slid by 2.0%, and the average IPI fell by 2.7% over January-July period compared with the same period of 2019.
(Writing by Shengnan Liu Editing by Jessie Jia)
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