(Bloomberg) -- Profit growth at Chinese industrial firms decelerated at the start of this year amid weaker factory-gate inflation.
Industrial profits rose 16.1 percent in the first two months of 2018 from a year earlier, less than the 31.5 percent increase in the first two months of 2017. Total profits for the period were 969 billion yuan ($155 billion), the National Bureau of Statistics said Tuesday.
Industrial production accelerated in the first two months, offsetting slower gains in producer prices, the NBS said in a statement. The bureau cited pickups in non-metal minerals, petroleum, natural gas, heating and pharmaceuticals as the fastest-growing sectors.
The statistics bureau doesn’t release standalone year-on-year data for January or February. Those individual months are not published due to the different timing of the Lunar New Year holiday, which began in mid-February this year after starting at the end of January in 2017.
©2018 Bloomberg L.P.
With assistance from Yinan Zhao