Producer Price Index Growth Ahead of Consensus Expectations

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The latest official data from China’s National Bureau of Statistics points to accelerating inflation for the selling prices obtained by the domestic producers of goods and services.

Figures released by NBS on 16 October indicates that the producer price index saw a year-on-year increase of 6.9% in September, and a month-on-month rise of 1.0%, ahead of a Reuters consensus forecast of 6.3%.

The PPI boost was driven by a rise in construction spending led by government infrastructure investment.

The year-on-year rate of PPI growth is also expanding, widening by 0.6 percentage points in September compared to August.

Capital goods prices saw an increase of 9.1%, well ahead of the 0.7% rise in consumption goods prices.

The consumer price index saw a 1.6% rise in September compared to the same period a year ago, roughly in line with consensus expectations.

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