China's PPI up 1.7 pct in February on improved demand
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China's producer prices went up in February amid a steady recovery in domestic demand, official data showed Wednesday.

China's producer price index (PPI), which measures costs for goods at the factory gate, went up 1.7 percent year on year in February, up from 0.3-percent rise in January, the National Bureau of Statistics (NBS) said Wednesday.

On a monthly basis, the PPI rose 0.8 percent last month, down from the 1-percent increase in January, said NBS senior statistician Dong Lijuan.

Among the 40 surveyed industrial sectors, 25 saw prices increase month on month, while 10 reported price drops and five witnessed unchanged prices.

A breakdown of the data showed that the PPI for the domestic oil and natural gas extraction sector rose 7.5 percent month on month due to continued growth in international crude oil prices.

Rising domestic demand boosted prices for the non-ferrous metal smelting and rolling processing industry, with its PPI up 1.5 percent month on month.

The PPI for gas production and supply sector dropped 0.7 percent month on month on eased demand for winter heating, Dong said.

In the first two months, the PPI rose 1 percent on average year on year, according to the NBS.

The PPI data came along with the release of the consumer price index, a main gauge of inflation, which declined 0.2 percent year on year in February.

Source: Xinhua
2021-03-10

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