Investing.com – China’s factory gate prices rose to the fastest level since November 2018 in February, with efforts to execute export orders raised expectations for strong Chinese growth in 2021.
Earlier on on Data released by the National Bureau of Statistics on the 4th day showed the index of consumer prices (CPI) was up 0.6% month-on-month, down from 0.4% in Investing.com’s forecasts and 1% growth in January / p> The CPI declined 0.2% yoy, versus a forecast decline of 0.4% and a decline of 0.3% in January. The producer price index rose 1.7% year-on-year in February, compared to the forecast growth of 1.5% and the growth of 0.3% in January.
The low base in 2020 was a factor in the better than expected data, however, is because investor worries about rising global inflation continued to grow.
Trade data released the previous week said exports rose 60.6% yoy in February. In addition, the National People’s Congress last week set a modest economic growth target of over 6% for 2021, contrary to investors’ expectations for an expansion of more than 8%.
The world’s second largest economy is still on the path to recovery facing challenges as the COVID-19 situation remains dire worldwide and continues to undermine demand.
“We do not believe the recent phase of consumer price deflation will continue. Postponed effects on the pork price base will fuel food inflation, tightening labor market will fuel core inflation, and energy inflation will rebound on rising oil prices, ”said Julian Evans-Pritchard, senior economist with Capital Economics in China, in a note.
“Given that officials have signaled a Hawkish bias in the past few weeks, we believe the People’s Bank of China will tighten policy this year,” the note added.
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