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May 10, 2021, 11:29 p.m. EDT

China's factory-gate prices rise sharply in April

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By MarketWatch

BEIJING--China's factory-gate prices rose at the fastest pace in more than three years in April, fueled by rapidly climbing costs for metals, oil and other materials.

The producer price index rose 6.8% in April from a year earlier, accelerating from March's 4.4% increase, the National Bureau of Statistics said Tuesday. The reading was the highest since October 2017, when the PPI climbed 6.9%, and beat the 6.5% increase expected by economists polled by The Wall Street Journal.

Prices in the production sector continue to march upward amid rising international commodity prices, the bureau said.

On a monthly basis, China's PPI expanded 0.9% in April from March, while the price of the means of production increased 9.1%, according to the bureau. The monthly decline was mainly driven by falling prices in the oil and non-ferrous metals industries.

Meanwhile, China's consumer price index, also released Tuesday, rose 0.9% from a year earlier in April compared with a 0.4% increase in March. The result was in line with economists' expectations in the WSJ poll.

Food prices narrowed their year-on-year fall to a 0.7% decline in April. Non-food prices rose 1.3% from a year earlier.

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