China factory-gate inflation surges on commodity prices
“The price increase of industrial products expanded slightly, affected by sharp increases in the costs of crude oil, coal, and related products,” said NBS senior statistician Dong Lijuan in a statement.
While the PPI remains elevated, consumer inflation ticked down to 1.0 percent, with officials stressing their work to stabilize prices in the wake of recent disasters including floods in central China and with companies appearing to absorb the increases instead of passing them on to consumers.
The slight fall in the consumer price index (CPI), a key gauge of retail inflation, came on the back of easing food prices as pork prices fell 43.5 percent on-year, supported by China’s pork reserves and rising supplies.
This was even as “extreme weather such as typhoons and heavy rainfall in some areas” bumped up the cost of fresh vegetable production, storage and transportation.
bys/dan
© Agence France-Presse
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