Wen Bin, a research fellow with China Minsheng Bank, said the commodity price rises were mainly caused by improving domestic demand and limited supply due to capacity cuts and stricter environmental regulations.

PPI has been soaring since the end of 2016, evidence of recovering economic growth, albeit with rising concerns of over-heated factory activity and chain reactions in consumer prices.

Analysts predict producer inflation will gradually stabilize during the rest of the year and the consumer prices will remain subdued.

"The big picture of industrial overcapacity is unchanged, which means the PPI growth will become milder on a year-on-year basis," said Zhang Liqun with the Development Research Center of the State Council.

"The divergence between consumer and producer prices will narrow," Xu Hongcai, an economist with China Center for International Economic Exchanges, said. "The PPI growth will moderate due to base effects, and the CPI will remain stable."

Wen projected the consumer price index will continue rising but will stay controllable. "Given stable demand, price increases in raw materials will not translate into more expensive consumer products."

For the first nine months of the year, the CPI climbed 1.5 percent from one year earlier, safely lower than the official target of 3 percent for the whole year. The PPI climbed 6.5 percent year on year.

"Current stable price trend provides ample room for monetary regulation," said Lian Ping, an economist of Bank of Communications.

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