China Producer Price Index Hits 5.7%, Fastest Growth Since June 2022

China’s producer price index reached 5.7% in October, its fastest growth since June 2022, even as consumer inflation slowed, highlighting diverging pressures across producer and household prices. The producer price index accelerated for a third consecutive month and exceeded the 5.3% forecast. Sharp increases in mining and raw materials prices drove the rise. Zhang Zhiwei, president and chief economist at Pinpoint Asset Management, linked the increase to very strong external demand. Consumer inflation eased to 0.7% from 0.9% in September, below the 0.8% forecast. Core inflation, which excludes food and energy, slowed to 0.8% from 1%. Dong Lijuan, chief statistician of the urban division at China’s National Bureau of Statistics, identified gasoline as the largest contributor to consumer price growth. Falling food prices offset some of the increase.

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