BEIJING, Sept. 11 (Xinhua) — China’s producer price index (PPI), which measures inflation at wholesale level, dropped 1.2 percent year on year in August, the National Bureau of Statistics (NBS) said on Thursday. The PPI declined for a 30th straight month and at a faster pace than the previous month, confirming pressure from slowing economic growth. The PPI dropped 0.9 percent from a year ago in July, down from 1.1 percent in June and 1.4 percent in May. Factory prices of production materials declined 1.7 percent in August, contributing 1.3 percentage points to the PPI drop, while factory prices for consumer goods gained 0.2 percent, data showed. Yu Qiumei, senior statistician of the NBS, attributed the decline to price falling for a series of industrial products and material. Prices of crude oil and oil products ended a rising streak and started falling in August, while prices of coal, steel, […]