BEIJING, Nov 10 — China’s factory-gate inflation hit a 26-year high in October while fresh virus outbreaks and soaring food and energy prices sent consumer prices up more than forecast, official figures showed Wednesday.
The PPI, which measures the cost of goods at the factory gate, jumped a bigger-than-expected 13.5 per cent on-year in October, said the National Bureau of Statistics. Another recent factor, he added, was a sharp uptick in shipping costs around the world “due to the strong rebound in trade flows” between China, the United States, and Europe.
Factory prices have also been pushing up export costs and “impairing Chinese exporters’ competitiveness”, although the PPI may have now peaked as Beijing moved to contain coal prices.
Source: Energy Industry News (energyindustrynews.net)
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