China’s inflation crisis keeps getting worse as the cost of the goods leaving the country’s factories have been experiencing a surge since last month. This has led to inflationary pressures in countries around the world.
China’s National Bureau of Statistics disclosed that the Producer Price Index surged by 13.5% in October which is the highest since the government began releasing such data in the mid-1990s.
Rising energy bills and food supply chain disruptions have alsob began to impact heavily on prices.
Recently, China’s Ministry of Commerce issued a notice telling local governments to urge families to stock up on food and other daily supplies as bad weather, Covid-19 restrictions and energy shortages threaten supply chains.
The world’s second largest economy is also battling with an energy crunch which is also a major contributor to the rise of inflation and the prices of goods.
