Corporate goods price up 0.9% in October
(CRI)
Updated: 2005-11-16 09:14

The price of many commodities, especially those in the energy sector, continued to rise October, the People's Bank of China reported Tuesday.

The price of oil continued its strong rising trend and was up 2.5 percent from September and more than 70 percent compared to a year earlier. The cost of refined oil rose by 1.4 percent from September and 20.6 percent year-on-year.

Over all commodity prices increased almost one percent in October compared to the same time period last year, China's central bank reported.

Compared to September's report, the commodities price index actually dropped 0.3 percent, but was up 0.9 percent compared to last October's bank report.

The CPI from January to October rose 2.9 percent year-on-year, 0.2 percent less than that of the first nine months of the previous year.

The bank also provided other statistical analysis of various commodities including the price of grain, which dropped 0.8 percent from the previous month and was down 1.9 percent from a year earlier.

The price of textile products increased 0.4 percent from the previous month and 0.6 percent from a year earlier.

The price of iron ore was dropped 0.3 percent from September and 15 percent from the same period of last year. The price of steel dropped 4.5 percent from September and 9.4 percent from a year earlier.

The price of pig coal increased 0.2 percent from the previous month, and 12.2 percent year-on-year. The price of coke increased 0.4 percent from the previous month, and 6.7 percent year-on-year.

As a macro-economic index reflecting price trends, the CPI gives a comprehensive picture of the country's price fluctuations.