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China's producer prices rose at a faster pace in October than September as oil prices continue to increase. (来源:EnglishCN.com)

 

Factory-gate prices jumped 3.2 percent from a year earlier, after a 2.7 percent gain in September, the National Bureau of Statistics said on its Website today.

 

Larger gains in producer prices may add pressure on the country's central bank to raise interest rates for a sixth time this year. Surging food prices pushed the consumer price index, the main gauge of inflation, to a decade high of 6.5 percent in August, followed by a gain of 6.2 percent in September. The October figure will be announced tomorrow morning.

 

The purchasing price of raw materials, fuel and power jumped 4.5 percent from a year ago, according to the bureau.

 

Producer prices of ferrous metals surged 10.5 percent after gaining 9.5 percent in September, the statistics bureau said. Prices of non-ferrous metals climbed 10.2 percent after jumping 11.9 percent a month earlier.

 

The price of polystyrene gained 0.2 percent while that of butadiene rubber added 2.3 percent from last year.

 

For the first 10 months of this year, China's producer prices increased 2.8 percent from a year earlier, the statistics bureau said.

 

The People's Bank of China said on Saturday that the ratio for the reserve-requirement will be raised to 13.5 percent, as of November 26, the ninth time this year it has been raised in yet another bid to curb liquidity and rein in an economy in overdrive. The ratio is the highest since 1987 when records began.

 

The bank has also raised interest rates five times this year and sold bills to drain cash from the financial system.

 

Crude oil rose above US$98 a barrel for the first time last week and has gained 57 percent this year, adding to pressure on global inflation as well as economic growth.

 

China on October 1 raised prices for gasoline and diesel by eight percent to temper consumption and help refiners cover costs as crude oil approaches US$100 a barrel.

 

(Shanghai Daily November 12, 2007)

 
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