Dec 09, 2016 11:52 AM

China's PPI Hits Highest Level in Five Years

Illustration by Xu Yuanyuan
Illustration by Xu Yuanyuan

(Beijing) — Inflation in China gained traction in November with the gauge of prices that domestic producers receive for their goods increasing at its fastest pace in more than five years, official data showed Friday, as the government's efforts to reduce overcapacity led supplies of raw materials to dwindle.

The producer price index (PPI) soared 3.3% in November from a year earlier, the National Bureau of Statistics (NBS) said in a statement, the strongest reading since October 2011, when the increase was 5.0%.

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