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Coal, Metal Prices Drive China’s Factory Inflation to 13-Year High

September 9, 2021 by Forex Winner Leave a Comment

Coal, Metal Prices Drive China’s Factory Inflation to 13-Year High

Source: National Bureau of Statistics

Chinese producer prices growth accelerated to a 13-year high in August due to hikes in coal, chemicals, and metal prices, but economists believe this may already be the peak. MCHI is down 1.65%.

  • The producer price index climbed 9.5% in August versus 9.0% the previous month. This is the biggest growth in 13 years since August 2008.
  • The growth was attributed to the increase in coal, with coal mining and washing sector prices up 57.1% year-on-year. Local coal prices hit a record high on Tuesday.
  • Economists expect coal and metal prices to ease with the decline in construction output amid restrictions on the property sector and the decelerating credit growth.
  • The producer price index is expected to have peaked in August, as economists believe factory inflation will not rise much further.
  • Consumer prices climbed 0.8% year on year, falling below the target range of 3% for the year.
  • Social restrictions due to the COVID-19 delta variant continue to hit demand, even as the country has generally addressed the latest outbreaks.

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