China's factory-gate prices rose sharply in February amid a surge in global commodity prices, while the country's consumer prices slipped into deflationary territory for a second straight month compared with the prior year.
The producer price index rose 1.7% in February, compared with January's 0.3% increase, the National Bureau of Statistics said Wednesday. The reading was higher than the expectations of economists polled by The Wall Street Journal, who had forecast an increase of 1.4%. China's PPI climbed 0.8% in February from a month earlier.
Driven by rising global crude-oil prices, domestic oil-related industries' product prices continued to rise, the statistics bureau said. Affected by warmer weather and the Lunar New Year holiday, demand for heating and industrial electricity weakened. However, due to improved domestic demand and an increase in commodity prices, gains in the PPI remained strong, said Dong Lijuan, an analyst with the statistics bureau.
Meanwhile, China's consumer price index fell 0.2% from a year earlier in February. That compared with a 0.3% decline in January. Economists had expected CPI to fall 0.4%, according to the WSJ poll. Food and nonfood prices both declined 0.2%.
The softer increase in CPI was mainly due to a higher base of comparison last year and stabilized food prices.
On a monthly basis, China's consumer inflation rose in February due to increased consumer demand and an increase in transportation costs during the Lunar New Year holiday. The country's CPI increased 0.6% in February from January.
In the annual government work report released Friday, Beijing had said it aims to keep consumer price inflation at around 3% in 2021, compared with last year's 3.5% target and the actual increase of 2.5%.
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March 10, 2021 at 09:49AM
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China factory-gate prices rose sharply in February - MarketWatch
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