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BEIJING - China’s factory gate prices fell last month at their slowest pace since February, official data showed on Monday, suggesting China’s manufacturing sector continues to see a steady recovery from the COVID-19 shock.
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The producer price index (PPI) fell 0.4% from a year earlier, the National Bureau of Statistics said in a statement. The index was expected to fall 0.8%, according to a median forecast in a Reuters poll, after a 1.5% drop in November.
The data comes as manufacturing activity in the world’s second-largest economy expanded in December but at a slightly slower pace amid higher raw material costs.
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On a monthly basis, PPI rose 1.1% in December after increasing 0.5% in November, pointing to improving corporate profitability.
Prices for raw materials fell 1.6% from a year ago, compared with a decline of 4.2% in the previous month.