Prices of Chinese Industrial Products Drop in May

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Last updated at: (Beijing Time) Thursday, June 27, 2002

Prices of Chinese Industrial Products Drop in May

The factory prices for industrial products in China dropped 2.6 percent in May from the same month last year, official figures show.

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The factory prices for industrial products in China dropped 2.6 percent in May from the same month last year, official figures show.

The decrease rate was 0.5 percentage points lower than that in April.

Figures released Wednesday by the National Bureau of Statistics (NBS) show that factory prices of capital goods dropped 2.7 percent in May year-on-year while the factory prices of consumer goods dropped 2.3 percent from May last year.

Among the 38 industries surveyed by the NBS, only eight saw a rise in factory prices. In the industries showing big drop rates, the factory price of chemical fiber went down 8.2 percent, and oil and natural gas down 7.6 percent.

In May, the factory price of coal rose by 14.6 percent over that in May last year, but lower than April this year.

The NBS added that the oversupply of oil in the domestic market drove down the price of crude oil down by 8.3 percent.

According to NBS statistics, factory prices of industrial products dropped 3.6 percent year-on-year in the first five months.

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