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Financial News: China Factory Gate Inflation Highest On Record

China Factory Gate Inflation Highest On Record

10/14/2021 - 02:38:00 (RTTNews)

(RTTNews) - China's factory gate prices increased at the fastest pace on record in September driven by the surge in coal prices and power rationing, official data revealed on Thursday. Nonetheless, consumer price inflation slowed unexpectedly on falling pork prices.

Producer price inflation rose more-than-expected to 10.7 percent in September from 9.5 percent in August, the National Bureau of Statistics reported. The rate was forecast to rise to 10.5 percent.

Meanwhile, consumer price inflation eased marginally to 0.7 percent in September from 0.8 percent a month ago. The expected rate was 0.9 percent. Pork prices, the main component of consumer prices, plunged 46.9 percent annually. Food prices slid 5.2 percent, while non-food prices were up 2 percent.

Core consumer price inflation that excludes food and energy, held steady at 1.2 percent in September.

There are few signs that the rise in producer price inflation is feeding through to higher output prices of consumer goods, Sheana Yue and Julian Evans-Pritchard, economists at Capital Economics, said.

The overall inflation outlook remains benign, with PPI inflation likely to drop back around the turn of the year and CPI inflation set to remain muted for the foreseeable future, the economist added.

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