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Prices of Industrial Products Drop in August
The average factory price of China's industrial products dropped two percent over one year ago in August, posting the fifth consecutive monthly drop of prices since April.
The National Bureau of Statistics (NBS) said Wednesday that the factory prices of capital goods dropped 2.2 percent over August last year. The prices were weighed down by continuously declining oil prices at the international market, the bureau said.
The product prices of China's oil industry dropped 6.1 percent over one year ago. The prices of crude oil slumped 13.1 percent, while the prices of gasoline slid down by 9.1 percent.
The NBS said that the factory prices of consumer goods also continued a downward trend in August, dropping 1.6 percent year-on-year.
In August, the accumulated growth rate of industrial prices was negative for the first time in this year. For January-August, the average prices of industrial products dipped 0.2 percent over the same period last year.
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