Oil prices pump up China’s PPI
China's producer price index (PPI) rose 5.9% year on year in May, the largest spike since December 2004, according to data released by Beijing-based Mainland Marketing Research Co. on behalf of the National Statistics Bureau
The data indicate that prices for crude oil and raw materials saw obvious increases in May. Crude oil prices jumped 43% year on year, leading the overall PPI up 1.5 percentage points.
Prices of coal products climbed 26% year on year, while the purchase price of raw materials rose 11%.