China's factory prices decrease 0.8% in January

China's producer price index (PPI), which measures the cost of goods at the factory gate, decreased by 0.8 percent year on year in January 2023, the National Bureau of Statistics said Friday.

The decrease expanded by 0.1 percent from that registered in December. On a monthly basis, China's PPI edged down 0.4 percent in January, according to the bureau.

"Prices of industrial products continued to fall in January, weighed down by fluctuating international crude oil prices and sliding domestic coal prices," said senior NBS statistician Dong Lijuan.

The PPI of the oil and gas extraction industry dropped by 5.5 percent month on month, while that of chemical raw material and chemical product manufacturing fell 1.3 percent from December.

The PPI of the agricultural and sideline food processing industry edged down 1.4 percent month on month, while that of computer communications and other electronic equipment manufacturing industries declined 1.2 percent month on month.

Friday's data also showed that China's consumer price index, a main gauge of inflation, rose 2.1 percent year on year in January.