China’s manufacturers continued to suffer from the fallout of the coronavirus pandemic, with factory gate prices plunging further in April, reported the South China Morning Post.
The producer price index (PPI), reflecting the prices that factories charge wholesalers for their products, fell to minus 3.1% year-on-year last month, according to a National Bureau of Statistics (NBS) release on Tuesday.
It marked the worst decline since minus 3.4% in April 2016, and suggests that with pressure mounting on the domestic and international economies, China’s manufacturers are unable to charge the price they would like for their products.
China’s consumer price index (CPI), meanwhile, rose by 3.3% from a year earlier, decelerating from a 4.3% gain in March, the NBS said.