China's Feb CGP index surges 9.2%

China's central bank announced yesterday the country's domestic corporate price (CGP) index went up 9.2% year-on-year in February.

Prices of energy-related products, such as coal, oil and electricity rose up about 14.1% over the same period the previous year. Prices of refined oil went up 10.4% year-on-year, according to the People's Bank of China.

During the month, prices of iron ore surged by 33% year-on-year, and greatly affected the prices of rolled steel, which went up 29% year-on-year accordingly. Gold prices also soared 26.8%.

Prices of mineral products in February were 20.7% higher than the previous year, and 1.8% higher than that of January.

Farm produce, edible oil and processed meat products were priced 13.4%, 44.2% and 58.9% higher respectively year-on-year. Prices of raw grain, processed grain and vegetables rose 9.5%, 5.8% and 26.5% respectively.

CGP index, also known as the wholesale price index, an indicator designed to measure the changes in the price levels of commodities that flow into the wholesale trade intermediaries.