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Futures and Commodity Market News |
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Sat May 17, 2008 |
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Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts |
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BEIJING, May 09, 2008 (AsiaPulse via COMTEX) -- The producer price index (PPI) for China's industrial products rose 8.1 per cent in April over the same month last year, putting on more pressure on the nation's inflation rate, the National Bureau of Statistics said Friday. The factory-gate prices of raw materials, fuel and power were up 11.8 per cent. The National Bureau of Statistics (NBS) said on Friday the rise in the PPI, which measures the value of finished products when they leave the factory, was only 2.4 per cent as recently as August, indicating intensifying inflation pressure. Li Xiaochao, spokesperson of the NBS, said higher ex-factory prices could lead to a rising CPI, as producers might seek to pass on their own rising costs to consumers. China's CPI, a key measure of inflation, was up 8.3 per cent in March, following an 8.7 per cent rise in the previous month, according to the NBS. China has set an annual CPI target of 4.8 per cent this year. Factory-gate prices of crude oil surged 37.9 per cent in April over the same period last year, while gasoline was up 10.8 per cent, diesel 10.2 per cent and kerosene 11.7 per cent. The producer prices of raw coal jumped 20.9 per cent and those of steel products rose between 24.9 per cent and 41.1 per cent. The purchasing prices, or costs, of fuel and power rose 21.2 per cent, ferrous metals 20.8 per cent, non-ferrous metals 6,1 per cent and chemical raw materials 4.2 per cent. The PPI for manufactured goods was up 7.2 per cent in the first four months of this year, while the costs of raw materials, fuel and power rose 10.3 per cent. The price index of food, a major component of the consumer price index (CPI), was up 11.9 per cent, exceeding that for garments (2.3 per cent) and daily commodities (3.7 per cent). The prices of consumer durables were down 0.5 per cent, said the NBS. (XIC) |
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(C) 2008 Asia Pulse Pte Ltd Please read the End User Agreement. News provided by COMTEX |
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