You are using an older browser version. Please use a supported version for the best MSN experience.

China's producer prices hit five-year high

dpa logodpa 14/02/2017

China's producer prices hit a new five-year high in January due to rising oil and gas prices, official figures show.

China's producer prices, which reflect costs for goods at the factory gate, reached a new five-year high in January due to rising oil and gas prices, official figures showed.

The producer price index rose 6.9 per cent year on year in January, beating the market expectation of 6.5 per cent, according to China's National Bureau of Statistics (NBS). Producer prices had also reached a five-year high in December.

However, on a month-to-month basis, the producer price index showed moderate growth of 1.2 per cent, compared to a 1.6 per cent month-on-month growth in December.

Meanwhile, the consumer price index, a main gauge of inflation, grew 2.5 per cent year on year in January, slightly above the market expectation of 2.4 per cent.

The pace quickened compared to the 2.1-per cent rise in December as the Lunar New Year holiday pushed up food, transportation and travel expenses, NBS senior statistician Sheng Guoqing told the Xinhua news agency.

image beaconimage beaconimage beacon