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在线翻译:
szdaily -> Business_Markets -> 
Feb. producer inflation fastest in nine years as commodities surge
    2017-03-10  08:53    Shenzhen Daily

    CHINA’S producer price inflation accelerated to its fastest pace in nearly nine years in February and by more than expected as prices of steel and other raw materials extended a torrid rally, boosting profits for industrial companies worldwide.

    Consumer inflation, however, cooled more than expected to its slowest pace since January 2015, leaving some analysts puzzled about the strength of the broader economy.

    The producer price index (PPI) jumped 7.8 percent in February from a year earlier, compared with a 6.9 percent increase in January, the National Statistics Bureau said Thursday.

    Analysts had expected a 7.7 percent gain, a Reuters poll showed.

    Producer price inflation “was largely driven by proactive fiscal policies, market speculation and overcapacity reduction policies,” Zhou Hao from Commerzbank in Singapore wrote in a note, referring to a sharp increase in government infrastructure spending and a months-long rally in commodities futures markets.

    “We have yet to see any significant pass through effects from PPI inflation to CPI inflation, which means that China’s economy is not on a solid footing.”

    Similar to previous months, gains in the PPI were driven largely by mining and heavy industry, with a 36.1 percent leap in mining, the biggest jump in that category since early 2010. Raw materials increased 15.5 percent, while oil refiners and chemical producers also saw solid increases.

    China’s iron ore and steel prices have been rallying for a year, fuelled by a construction boom, though worries are growing over rapidly rising stockpiles at Chinese ports. The country’s insatiable demand for resources has helped spur an inflationary pulse in commodities markets worldwide.

    However, while factory surveys show manufacturers have been able to pass on some of the higher production costs by raising prices of their goods, there has been scant evidence of it flowing through to consumers yet.

    China’s consumer inflation rate slowed to 0.8 percent in February from a year earlier as food prices fell following the long Lunar New Year celebrations. The CPI for January and February combined rose 1.7 percent.

    “Although February’s CPI slowdown was relatively large, CPI is still relatively steady when food and energy prices are taken out of the equation,” statistician Sheng Guoqing said.(SD-Agencies)

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