{"id":121114,"date":"2021-09-09T04:29:18","date_gmt":"2021-09-09T04:29:18","guid":{"rendered":"https:\/\/fin2me.com\/?p=121114"},"modified":"2021-09-09T04:29:18","modified_gmt":"2021-09-09T04:29:18","slug":"chinas-factory-prices-rise-at-fastest-pace-since-august-2008","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/chinas-factory-prices-rise-at-fastest-pace-since-august-2008\/","title":{"rendered":"China&#x27;s factory prices rise at fastest pace since August 2008"},"content":{"rendered":"<ul>\n<li>China&#x27;s factory gate inflation hit a 13-year high in August, as commodity prices remained elevated despite Beijing&#x27;s attempts to cool them.<\/li>\n<li>The producer price index rose 9.5% from a year earlier in August, the National Bureau of Statistics said on Thursday, faster than the 9.0% increase tipped in a Reuters poll and the 9.0% reported in July.<\/li>\n<li>A separate NBS statement showed that the consumer price index (CPI) in August rose 0.8% from a year earlier, compared with a 1.0% gain in a Reuters poll and below the government target of around 3% this year.<\/li>\n<\/ul>\n<p>China&#x27;s factory gate inflation hit a 13-year high in August, as commodity prices remained elevated despite Beijing&#x27;s attempts to cool them.<\/p>\n<p>The producer price index (PPI) rose 9.5% from a year earlier in August, the National Bureau of Statistics (NBS) said on Thursday, faster than the 9.0% increase tipped in a Reuters poll and the 9.0% reported in July.<\/p>\n<p>That was the fastest pace since August 2008.<\/p>\n<p>China&#x27;s economy has recovered strongly from last year&#x27;s coronavirus slump but has been losing steam recently due to domestic Covid-19 outbreaks, high raw material prices, tighter property curbs and a campaign to reduce carbon emissions.<\/p>\n<p>Commodity prices have been on a tear in recent months, hurting the bottom lines of many mid-and downstream factories. China&#x27;s coal prices soared to a record high on Tuesday oversupply concerns as major coal regions started fresh rounds of safety checks.<\/p>\n<h2>Read more about China from CNBC Pro<\/h2>\n<p>Singapore&#x27;s top lender picks Chinese stocks for &#x27;bottom fishers&#x27;<\/p>\n<p>Morgan Stanley picks out high-conviction China stocks<\/p>\n<p>Mark Mobius: China&#x27;s regulatory crackdown is creating investment opportunities<\/p>\n<p>The coal, chemicals, and metals industries drove much of the price increases in August, according to a statement released alongside the data by Dong Lijuan, an NBS official.<\/p>\n<p>Prices in coal mining and washing sector grew 57.1% in August from a year earlier.<\/p>\n<p>A separate NBS statement showed that the consumer price index (CPI) in August rose 0.8% from a year earlier, compared with a 1.0% gain in a Reuters poll and below the government target of around 3% this year.<\/p>\n<p>China tightened social restrictions to curb the Covid-19 delta variant including travel limits, which have hampered services sector demand, although Beijing has largely contained the latest coronavirus outbreaks.<\/p>\n<p>Declines in airfares, travel and hotel room prices due to the pandemic slowed consumer inflation on a monthly basis, according to NBS&#x27;s Dong.<\/p>\n<p>Service-sector activity plunged in August to the lowest level since the pandemic&#x27;s first wave in April 2020, a recent survey showed, as Covid-19 restrictions threatened to derail the recovery.<\/p>\n<p>Analysts expect the People&#x27;s Bank of China to deliver a further cut to the amount of cash banks must hold as reserves later this year to lift growth, on top of July&#x27;s cut which released around 1 trillion yuan ($6.47 trillion) in long-term liquidity into the economy.<\/p>\n<p>The core consumer price index, which strips out volatile food and energy prices, stood at 1.2% on year, versus a 1.3% rise in July.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/09\/09\/chinas-factory-prices-rise-at-fastest-pace-since-august-2008.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>China&#x27;s factory gate inflation hit a 13-year high in August, as commodity prices remained elevated despite Beijing&#x27;s attempts to cool them. The producer price index [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":121113,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China&#x27;s factory prices rise at fastest pace since August 2008 - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/chinas-factory-prices-rise-at-fastest-pace-since-august-2008\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China&#x27;s factory prices rise at fastest pace since August 2008 - Fin2me\" \/>\n<meta property=\"og:description\" content=\"China&#x27;s factory gate inflation hit a 13-year high in August, as commodity prices remained elevated despite Beijing&#x27;s attempts to cool them. 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