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Auto prices see 1st monthly drop in 2008

By Hao Zhou (chinadaily.com.cn)
Updated: 2008-05-15 10:26

After expanding for the first three months, China's homemade auto prices last month dropped for the first time this year, according to the National Development and Reform Commission's price monitoring center.

Domestic auto prices in 36 large and medium cities last month dropped an average of 1.19 percent from March, or 3.21 percent from April last year. Specifically, April’s passenger car prices dropped 0.18 percent month on month, or 2.25 percent year on year, while commercial vehicle prices plunged 2.34 percent from March, 4.31 percent from the same period of last year.

"Domestic automobile prices drop slightly for the whole year," predicted Cheng Xiaodong from the center.

However, affected by restless growth in raw material prices such as steel and rubber, imported vehicle prices in March kept rising 1.25 percent month on month, or 3.09 percent year on year.