China October producer prices rise at fastest pace in nearly five years

China's producer prices rose in October for the second successive month, an encouraging sign for businesses in the world's second-largest economy.

Producer prices climbed 1.2 percent from a year earlier in October, beating Reuters poll expectations for a 0.8 percent increase and marking the highest reading since December 2011. Factory gate prices had risen 0.1 percent on-year in September, the first increase in more than four years.

Consumer prices during the month climbed 2.1 percent from a year ago, matching the forecast in a Reuters poll and accelerating from a 1.9 percent increase in September.

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