BEIJING – China’s factory gate prices for October dropped for the first time since December 2020, underlining faltering domestic demand and disruptions to production amid strict COVID-19 measures and a sluggish property sector.
The producer price index fell 1.3 percent year-on-year from 0.9 percent gain a month earlier, National Bureau of Statistics data showed on Wednesday, compared with a forecast of a 1.5 percent contraction in a Reuters poll.The consumer price index climbed 2.1 percent from a year earlier, easing from a 2.8- percent increase in September and slower than the 2.4 percent forecast by analysts.
A resurgence of COVID-19 cases, a property sector weighed down by huge debts and cautious consumer sentiment have dented the world’s second-largest economy.
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