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China’s producer prices surge the most since 2008, cutting into business profits - superadmin - 06-09-2021 China’s producer price index, a measure of production costs, rose 9% in May from a year ago, the fastest since September 2008, data released Wednesday showed. More pessimistic businesses expect the price increases will last until the end of the year, said Gan Jie, a professor of finance at the Beijing-based Cheung Kong Graduate School of Business. In the last several weeks, the central Chinese government has announced additional support for small businesses, particularly those affected by rising raw material prices. BEIJING — China’s producer price index rose 9% in May from a year ago as commodity prices surged, the National Bureau of Statistics said Wednesday. That marked the fastest increase in production costs since September 2008, when the index rose 9.13%, according to Wind Information. While the gains surpassed expectations of an 8.5% increase, according to a Reuters poll, the rise does come off a low base. The index fell 3.7% in May 2020 during the initial months of the coronavirus pandemic. - More -