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China's producer price index drops

Posted on Nov 09, 02:48PM | IANS

China's producer price index (PPI), which measures inflation at the wholesale level, dropped 2.8 percent year on year in October, compared with a 3.6-percent decline in September, authorities said Friday.

But the rate of the PPI inched up 0.2 percent in October on a month-on-month basis, according to the National Bureau of Statistics.

This marks the eighth straight month of year-on-year decline, as China's PPI dropped for the first time in March this year since December 2009, reported Xinhua.

The PPI figures show that the economy is rebounding slightly but still at a low level, and the real economy is not optimistic, said Li Chang'an, an associate professor with University of International Business and Economics.