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China’s Factory Gate Inflation Index Reaches Record High

China’s factory-gate inflation index, the PPI, rose 10.7 percent from a year earlier in September—the highest level on record—driven in part by soaring energy prices, and potentially adding to global inflation pressure. The National Bureau of Statistics (NBS) on Thursday released the figure that measures price fluctuations of goods at the factory gate. China’s producer price index (PPI) marked its biggest rise since the bureau started compiling the data in 1996. Economists in a Reuters poll had expected a 10.5 percent rise, after a 9.5 percent print in August. The rising costs of raw material prices, including crude oil, coal, and metals, are major reasons for the increase, along with China’s large-scale power cuts. The index had already hit a 13-year high in August, reflecting a surge in commodity prices and placing further pressure on businesses, many of whom have been forced to halt operations across factories due to continuous power outages and blackouts, …

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