{"text":[[{"start":7.75,"text":"China’s factory gate prices rose at their fastest rate in almost four years last month, official data showed, signalling the impact of higher energy prices from the Iran conflict on the world’s second-largest economy."}],[{"start":19.95,"text":"The producer price index added 3.9 per cent in May on a year earlier, China’s National Bureau of Statistics said on Wednesday, the highest growth rate since July 2022 and its third consecutive month of expansion. "}],[{"start":33.1,"text":"The index reversed years of declines to return to positive territory in March, shortly after the outbreak of the US-Israeli war in Iran, which slowed oil and gas shipments through the Strait of Hormuz to a trickle."}],[{"start":45.5,"text":"“The Iran war has clearly accelerated what was previously set to be a more moderate return to positive PPI inflation,” said Lynn Song, chief economist for greater China at ING, who pointed to a 36 per cent rise in prices in oil and gas extraction industries."}],[{"start":62,"text":"The US and Israel this week launched renewed strikes on Iran, complicating President Donald Trump’s efforts to extend an April ceasefire and resume energy flows through the strait."}],[{"start":72.75,"text":"Abhijit Surya, senior APAC economist at Capital Economics, said the May data showed that the “ripple effects from the Middle East supply shock continued to be felt” but added that consumer price inflation was “showing signs of tapering off”."}],[{"start":86.85,"text":"China’s consumer price inflation grew 1.2 per cent in May year-on-year, the same rate as the month earlier."}],[{"start":null,"text":"
"}],[{"start":93.69999999999999,"text":"In monthly terms, however, CPI declined 0.1 per cent, hinting at the demand pressures hanging over China’s economy as policymakers grapple with a prolonged housing slowdown and intense domestic competition."}],[{"start":107.89999999999999,"text":"Beijing has relied heavily on trade to support economic growth in the face of weak consumer and household confidence and the property sector slump."}],[{"start":116.39999999999999,"text":"Fresh data on Tuesday showed exports rose 19.4 per cent in May. Shipments to the US leapt on a year earlier, shortly after the outbreak of Trump’s tariff war, which has failed to curb China’s trade machine."}],[{"start":130.35,"text":"Song noted a 9.2 per cent rise in raw materials prices, which he said were “set to move into double-digit levels”."}],[{"start":138.1,"text":"“This is likely to feed through across other prices in the coming months as many producers operating on thin margins will have no choice but to pass on the cost to consumers,” he said. "}],[{"start":149.04999999999998,"text":"In monthly terms, PPI added 0.5 per cent in May."}],[{"start":153.49999999999997,"text":"China has set an official target of 2 per cent for consumer inflation in 2026, alongside a GDP growth target of 4.5 per cent to 5 per cent, its lowest in decades."}],[{"start":165.09999999999997,"text":"Data visualisation by Haohsiang Ko in Hong Kong"}],[{"start":176.24999999999997,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1781066147_8524.mp3"}