Chinese producer prices leap 9%, biggest jump since 2008
- 11 June 2021
- 990
Rising raw material costs push up China’s producer prices
According to the data from the National Bureau of Statistics of China, the country’s producer price index (PPI) jumped 9% from a year ago in May and marked the fastest year-on-year rise since September 2008.
As stated by CNBC, China’s PPI index surge was triggered by rising raw material prices, including coal, iron ore, steel, and electricity. Additionally, raw material prices increase also affected China’s import volume — the country’s imports grew at their fastest pace in 10 years in May.
CNN argues that high producer inflation in China may not only put pressure on local businesses, yet also threaten global economic recovery by triggering inflationary pressures.
