The
National Bureau of Statistics (NBS) reported Thursday that China’s consumer
price index (CPI) increased 0.8 percent y-o-y in August, decelerating from
July's 1.0 percent y-o-y increase. That was the lowest inflation rate since March
and below economists’ forecast for a 1.0 percent y-o-y gain.
The weaker
August inflation reflected slowed growth of non-food prices (+1.9 percent y-o-y,
compared with +2.1 percent y-o-y in July) and accelerated decline in food
prices (-4.1 percent y-o-y, compared with -3.7 percent y-o-y in July).
China’s
core CPI, excluding volatile food and energy prices, went up 1.2 percent y-o-y in
August after a 1.3 percent y-o-y advance in July.
In
m-o-m terms, the CPI edged up 0.1 percent in August, following a 0.3 percent gain
in the previous month.
Meanwhile,
China’s producer price index (PPI) surged 9.5 percent y-o-y in August, accelerating
from July’s climb of 9.0 percent y-o-y. This represented the fastest pace of
growth in factory-gate prices since August 2008. Economists had forecast a 9.0
percent y-o-y increase.
The
NBS attributed the August jump in PPI mainly to soaring prices of products such
as coal, chemicals and steel. Output prices in the coal mining industry rose the
most, up 57.1 percent y-o-y in August.
The
PPI rose 0.7 percent m-o-m in August, accelerating from 0.5 percent m-o-m in
July.
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