China's factory-gate inflation cooled in June to the lowest in 15 months, as strict anti-COVID measures hit demand and global recession fears triggered a selloff in ferrous metals, while consumer inflation rose to the highest in nearly two years.
The producer price index rose 6.1% year-on-year, the National Bureau of Statistics said on Saturday, after a 6.4% rise in May. That was a faster rate than expectations of 6.0% growth tipped in a Reuters poll.
The world's second-biggest economy showed some signs of recovery in recent months after a sharp COVID-induced slump, although headwinds to growth persist, including soft consumer spending and worries of any recurring waves of infections. China is planning to set up a 500 billion yuan state infrastructure fund to revive the economy, two people with knowledge of the matter have told Reuters.Producer inflation has cooled this year after it registered a 26-year high in October because of a hike in raw material prices.
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