Robots work on an assembly line of a factory of a private enterprise in Zouping City, east China's Shandong Province, Sept. 13, 2023. (Xinhua/Guo Xulei)
BEIJING, Dec. 9 (Xinhua) -- China's producer price index (PPI), which measures costs for goods at the factory gate, went down 3 percent year on year in November, the National Bureau of Statistics (NBS) said Saturday.
On a monthly basis, the November PPI went down 0.3 percent compared to October when the PPI stayed unchanged, according to data.
"Due to factors such as the fall in international oil prices and weak market demand for some industrial products, the nation's PPI on a monthly basis turned from staying flat (in October) to a decrease in November, while the PPI decline also widened in November year on year," said NBS statistician Dong Lijuan.
Prices of means of production fell 0.3 percent month on month, contributing 0.24 percentage points to the overall decline in monthly PPI for November, NBS data showed.
In terms of producer prices for major industries, prices for the oil and gas extraction industry went down 2.8 percent month on month in November; prices for the non-ferrous metal ores mining industry went down 0.5 percent, and prices for the agricultural and sideline food processing industry went down 0.8 percent, the data showed.
Meanwhile, prices for the ferrous metal ores mining industry went up 1.8 percent and that for the production and supply of gas went up 1.4 percent month on month, the data showed.
The average PPI in the first 11 months of 2023 went down 3.1 percent year on year, according to the data.
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