China's PPI drops in July

China's Produce Price Index fell 2.9 percent in July from a year ago, the fifth straight month of year-over-year decline. a government agency said. The National Bureau of Statistics said a month-on-month comparison indicated the country's PPI, the main indicator of inflation at the wholesale level, in July moved down 0.8 percent from June, China's state-run Xinhua reported. In July, producer purchase prices fell 3.4 percent year-over-year and dropped 0.8 percent on a monthly basis, the NBS said. During the first seven months of this year, the PPI decreased 1 percent year-over-year, while producer purchase prices lost 0.8 percent year-over-year, the bureau said.