China's Producer Price Index Declines for Six Consecutive Months in July
The Impact of COVID-19 Persists... Manufacturing Sector Has Yet to Regain Momentum
[Asia Economy Beijing=Special Correspondent Jo Young-shin] China's Producer Price Index (PPI) recorded a negative value for six consecutive months.
PPI is one of the leading economic indicators reflecting the vitality of sectors such as manufacturing.
China's National Bureau of Statistics announced on the 10th that the PPI in July fell by 2.4% compared to the same period last year.
The PPI has continuously shown negative values since February, when the COVID-19 pandemic was at its peak. This indicates that the Chinese economy has not yet recovered from the impact of COVID-19.
However, as the spread of COVID-19 has shown signs of stabilization, the decline has slowed compared to the previous month's negative 3.0%. The initial market forecast was a negative 2.5%.
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The Consumer Price Index (CPI) remained stable. Last month, the CPI rose by 2.7% compared to the same period last year.
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