Factory-gate price inflation in China hit the highest level on record in September. The producer price index (PPI), which matches the prices manufacturers charge wholesalers for their goods, increased by 10.7% year-on-year in September, after a gain of 9.5% year-on-year in August, reports the South China Morning Post.
The data, which was released by the National Bureau of Statistics (NBS), was above expectations of analysts in a Bloomberg survey, who had predicted a rise to 10.5.
It is the highest reading since the start of the NBS database in October 1996 after the index hit 10.0 in August 2008 and 10.1 the following month.