China's producer prices fell the most in more than three years in October, ...
BEIJING - China’s producer prices fell the most in more than three years in October, as the manufacturing sector weakened on declining demand and a knock from the Sino-U.S. tariff war, reinforcing the case for Beijing to keep the stimulus coming.
In contrast, China’s consumer prices rose at their fastest pace in almost eight years, driven mostly by a surge in pork prices as African swine fever ravaged the country’s hog herds. Some analysts say the CPI rise could become a concern for policymakers looking to introduce measures to prop up demand.The factory deflation was punctuated by falling raw material prices, including in the oil and gas extraction and ferrous metal smelting industries.
More U.S. tariffs against China are set to take effect on Dec. 15, although officials from both China and the United States said this week they have agreed to roll back tariffs on each others’ goods if a “phase one” trade deal is completed.The more than year-long trade war has cost China $35 billion as the United States has cut down on Chinese imports, driving up prices for American consumers, according to a U.N. study published on Tuesday.
The rise was driven largely by a steep climb in pork prices and other meats after African swine fever killed a large portion of China’s pigs. Pork prices more than doubled year-on-year in October, according to the stats bureau, accounting for over 60% of the CPI increase.
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