China's PPI up 2.7% in November

An employee at a steel plant in Dalian, Northeast China's Liaoning province. [Photo by Liu Debin/For China Daily]

BEIJING - China's producer price index (PPI), which measures costs for goods at the factory gate, rose 2.7 percent year on year in November, the National Bureau of Statistics (NBS) said Sunday.

The growth has narrowed for five consecutive months.

The carryover effect contributed 0.8 percentage points to the PPI growth, while new factors contributed 1.9 percentage points, the NBS statistician Sheng Guoqing said.

The prices of the means of production rose 3.3 percent year on year, contributing 2.47 percentage points to the PPI growth in November.

Of major industrial sectors, producer prices in the sectors of oil and natural gas exploitation, processing of oil, coal and other fuels, chemical raw materials and products, ferrous metal smelting and processing saw slower growth in November compared with the previous month. The above four sectors dragged down PPI growth by 0.74 percentage points year on year.

On a monthly basis, the PPI edged down 0.2 percent.

For the first 11 months, producer prices at the factory gate rose 3.8 percent from the same period last year.

The data also showed the consumer price index, or CPI, a main gauge of inflation, rose 2.2 percent year on year in November, down from 2.5 percent in October.