China’s producer prices rose 5% year-on-year in September, their fastest increase since June 2022, as higher fuel costs increased pressure on businesses, the National Bureau of Statistics said on Wednesday.
The increase in the producer price index accelerated from 3.8% in August.
The bureau said coal prices also rose amid stronger demand for winter heating, temporary supply tightness in major coal-producing regions and expectations of higher international coal prices.
Consumer inflation, meanwhile, edged up to 0.9% year-on-year in September from 0.8% in August.
Gasoline prices surged 16.6%, contributing about 0.47 percentage points to the annual consumer inflation rate, according to Dong Lijuan, chief statistician of the bureau’s urban division.
Food prices fell 1.7%, subtracting approximately 0.29 percentage points from headline inflation and partially offsetting the impact of higher fuel costs.
Core inflation, which excludes volatile food and energy prices, stood at 1%.
The figures showed a widening gap between producer and consumer inflation, with higher industrial costs accompanied by relatively modest consumer price increases.
China’s economy expanded 4.3% year-on-year in the second quarter, its slowest pace in more than three years. August figures also showed weaker-than-expected retail sales growth, while industrial output exceeded expectations.
The State Council signaled the possibility of additional economic support at a Sept. 28 meeting, calling for stronger countercyclical macroeconomic policy adjustments to address emerging challenges.
Lynn Song, chief economist for Greater China at ING, said in a research note that the meeting marked a shift in tone, suggesting further policy support was likely to help meet both short- and long-term growth objectives.
Those objectives include China’s 4.5%-5% economic growth target for 2026 and its longer-term goal of doubling GDP between 2020 and 2035, Song added.
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