China’s official producer price index rose 1.2 per cent year-on-year in October, according to the National Bureau of Statistics, marking the second straight month of rising prices after 53 months of annualised contraction finally ended in September. A median forecast from economists had predicted a 0.9 per cent rise.
That comes in spite of official figures released on Tuesday showing China’s exports had contracted for a second straight month in October, suggesting domestic demand is the main driver of price gains for producers.
Month-on-month producer prices rose 0.7 per cent, up from 0.5 per cent in September.
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