China’s consumer and producer prices edged up in February compared with January figures as a result of international energy fluctuation and rise in commodity prices. However, both readings were stable when viewed on a yearly basis with the producer price growth slowed from a year earlier, according to official data released by the National Bureau of Statistics (NBS) on Wednesday.
China’s consumer price (CPI) rose 0.9 percent year-on-year in February, up 0.6 percent from the previous month, official data showed on Wednesday.
According to NBS, food prices declined 3.9 percent year-on-year in February, down 0.1 percentage points from last month, dragging down the yearly CPI growth by 0.76 percentage points. Pork prices fell 42.5 percent from the same time last year, edging down 0.9 percentage points from January.
On monthly basis, the CPI was 0.6 percent higher than January with food price 1.4 percent higher than January, due to the Chinese New Year which fell in February this year.
The prices of fresh vegetables, aquatic products and fresh fruits gained 6 percent, 4.8 percent and 3 percent from January while prices for pork and eggs were down 4.6 percent and 3.7 percent month-on-month due to stable supply.
The price of industrial consumer goods rose by 3.1 percent year-on-year, expanding 0.6 percentage points higher than the previous month following the expansion of gasoline and diesel prices.
Under the combined influence of the Spring Festival and fluctuations in international energy prices, the CPI rose slightly from the previous month and remained stable year-on-year, Dong Lijuan, a senior statistician from the NBS said.
The producer price index (PPI) rose 8.8 percent from a year earlier, NBS data showed on Wednesday, down 0.3 percentage points from January.
On a month-on-month basis, the PPI rose 0.5 percent from January versus a 0.2 percent decline in the previous month as a result of international price hike in crude oil, non-ferrous metals and other commodity prices, Dong said.
The sharp rise in international crude oil prices has driven up prices in domestic oil-related industries.
The price of oil exploitation was up 13.5 percent from January and the price of domestic non-ferrous metal smelting industry increased by 2 percent. Coal prices continued to fall, with prices for coal mining, washing and processing both falling 2.4 percent.
CPI Photo: VCG
