China’s factory-gate prices rose 6.8% in April, the fastest growth since October 2017
HONG KONG—China’s factory-gate prices jumped by the most in 3½ years in April, driven by surging commodities prices, raising concerns that inflationary pressures could spread globally.
The country’s consumer-price index, a measure of inflation that tracks prices for a basket of goods and services, rose 0.9% in April from a year earlier, reaching a seven-month high. The producer-price index, a gauge of factory-gate prices, rose 6.8% last month, the fastest pace since October 2017, China’s National Bureau of Statistics said Tuesday.
The producer figure was higher than the median forecast of 6.5% among economists polled by The Wall Street Journal. The consumer number is in line with expectations. A prolonged disruption in global supply chains and the resurgence of Covid-19 in some emerging markets fueled commodities prices’ climb. That in turn, who gained share in global exports during the pandemic and saw overseas demand continue to boom this year.
“If the bargaining power of Chinese producers is strong, there is a certain possibility that the rise in Chinese product prices will spill over onto global inflation,” said Zhang Ning, an economist at UBS.
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