Producer price grows at fastest pace in Feb
China’s factory gate prices rose at the fastest pace in more than eight years last month, official data showed yesterday, fuelling hopes the country may export inflation to the global economy.
The producer price index increased 7.8 per cent year-on-year, according to the National Bureau of Statistics, marking the sixth straight month of rises and beating economist expectations of a 7.7 per cent jump in a Bloomberg poll.
It was the fastest growth rate since September 2008 and marked an acceleration from the previous five months, raising hopes that the pick-up in prices in the world’s top trading nation could filter through to other economies.
The on-year rise in producer prices was partly due to the comparison with a low figure last year, when prices saw a “sharp decrease” last month, said NBS analyst Sheng Guoqing in a statement.
China’s producer price index rose 7.8 per cent year-on-year last month, marking the sixth straight month of rises and beating economist expectations of a 7.7 per cent jump in a Bloomberg poll.