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PBOC: China corporate goods prices up 0.8% in March

(Xinhua)
Updated: 2008-04-19 09:33

The Chinese corporate goods price (CGP) index, also called the wholesale price index, rose 0.8 percent month-on-month in March, the People's Bank of China (PBOC) said on Friday.

Related readings: China's wholesale prices up 9.2 pct in February Corporate goods prices up 1.1 pct in January PPI up 8% in March on rising energy, metal prices CPI rises 8.3% in March ICBC: China's inflation rate to hit 8% in Q1

According to the central bank, the CGP index rose 10.2 percent year-on-year.

The CGP index, previously called the wholesale price index, reflects the price change of products traded among corporations and traces overall price fluctuation together with the consumer price index (CPI).

According to the PBOC, agricultural product prices in March decreased 0.4 percent month-on-month, and were 14.1 percent higher year-on-year.

The price of vegetables decreased 11.6 percent month-on-month and were up 12.1 percent year-on-year. The price of edible oil was up 11.7 percent month-on-month and 61.7 percent higher year-on-year.

Gold was up 3.1 percent month-on-month and 33.1 percent up year-on-year.

PBOC statistics revealed the price of iron ore was rising 4.9 percent month-on-month and 37.2 percent year-on-year. The price of steel products rose 5.9 percent month-on-month and 35.7 percent up year-on-year.

China's CPI, a key measure of inflation, was up 8.3 percent year on year in March, following an 8.7 percent rise the previous month.

The Chinese CGP index is based on 791 types of goods prices and covers wholesale prices in the country's 36 big- and medium-sized cities and more than 200 small cities.