China has a big inflation problem and it's pushing up prices worldwide
The cost of goods leaving China's factories surged by another record rate last month, and there are increasing signs that consumers are starting to feel the pain.
The Producer Price Index jumped 13.5% in October from a year ago, accelerating from September's 10.7%, China's National Bureau of Statistics said Wednesday. Last month's increase was already the fastest since the government began releasing such data in the mid-1990s, according to Eikon Refinitiv.
And it now appears that the higher costs are trickling down. China's Consumer Price Index rose 1.5% in October from a year ago, double the rate of the previous month and the fastest pace of increase since September 2020.