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China's producer price index measuring factory gate prices rose 10.7% y/y in September, accelerating from August's 9.5% gain, hitting the highest level since November 1995 and outshining a forecast of 9.5%, according to the National Bureau of Statistics on Thursday, while consumer prices slowed.
The uptick in PPI gain was mainly driven by price increases in coal mining and processing, due to strong demand and continuous tight supply, the NBS said, adding that production limits in some energy-intensive industries also pushed up prices. PPI rose 1.2% m/m, also quickening from 0.7% reported last month.
China's September consumer price index eased to 0.7% y/y from 0.8% in August, registering a five-month low, less than the forecast 0.8%. The deceleration was mainly due to falling food prices led by the declining pork prices, the NBS said. Service price gains, including that of air tickets and hotels, eased modestly on sporadic outbreaks of Covid-19 cases. Core CPI, excluding food and energy prices, was up 1.2% y/y, flat from the previous month.