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China producer prices rise faster in August as energy costs lift

China’s CPI rebounded to 0.8% year on year after two months of slower inflation, as crude oil and metals costs fed through to related industries.

Reported · Written up by our desk · China

China’s factory-gate prices accelerated in August, with the producer price index rising 3.8% year on year, up from 3.5% in July, according to data released by the National Bureau of Statistics. The gain also exceeded a 3.6% projection from economists polled by Wind, the South China Morning Post reports.

At the same time, consumer inflation picked up again, as the consumer price index rose 0.8% year on year, rebounding after two months of slower growth. The CPI figure compared with 0.5% in July and was broadly in line with Wind’s 0.78% estimate.

The NBS attributed the uptick to higher international prices for crude oil and non-ferrous metals, which pushed up costs in related domestic sectors. Dong Lijuan, a senior statistician at the NBS, said coal mining prices surged 26.6% year on year in August, non-ferrous metal processing rose 20.8%, and prices in oil and gas extraction climbed 10.5%.

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