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China's June PPI down 4.8% 2015-08-25
China's producer prices continue to fall in June, a sign of prolonged weakness ofdemand, data from the National Bureau of Statistics showed on Thursday.
 
The producer price index, a measure of costs for goods at the factory gate, fell 4.8 percentyear on year in June, widening from the 4.6-percent drop seen a month earlier. The reading also marked the 40th straight month of decline. "This showed industrial demand is worsening, and China continues to face prominentdeflationary risks," noted Qu Hongbin, chief China economist at HSBC.
Month on month, producer prices in June went down 0.4 percent. Output prices of production materials fell 6.2 percent in June, contributing 4.7 percentagepoints of the PPI drop during the month, while those of consumer goods edged down 0.2percent during the period.
 
The data came along with the release of the consumer price inflation index, which edged upto 1.4 percent in June, slightly above the market forecast of 1.3 percent and 1.2-percent risein May. Weighed down by a housing market downturn, weak domestic and external demand andovercapacity, China's economy grew at its lowest rate in six years in the first quarter,expanding 7 percent. The GDP data for the second quarter is due on July 15, which analystspredict will slip below 7 percent as the effects of China's pro-growth policies have yet tospread. Given the still weak strength in growth, Qu forecast an interest rate cut and more reductionsin bank reserve requirement ratio in the third quarter.



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