One of China’s inflation gauges drops for the first time since 2020

China’s producer price index fell year-on-year in October 2022 for the first time since December 2020. Pictured here is a furnace at a steel plant in August 2022 in Jiangxi province. BEIJING — China’s producer price index fell in October for the first time since December 2020, dragged down by drops in iron and steel prices, according to official data released Wednesday. The producer price index, which tracks the price of raw materials and other input costs, fell by 1.3% in October from a year ago. That slightly missed expectations for a 1.5% decline, according to a Reuters poll. The…