China's consumer prices rose at a slower-than-expected pace in August while the rate of producer inflation hit an 18-month low, reflecting an economy plagued by weak domestic demand. The consumer price index (CPI) increased 2.5% from the same month a year earlier, National Bureau of Statistics (NBS) data showed on Friday, slower than 2.7% in July and the 2.8% average forecast in a poll of analysts. The producer price index (PPI) rose 2.3%, the slowest pace since February 2021, and slower than 4.2% a month prior and 3.1% in the poll, due to falling energy and raw materials prices.
Slower growth in consumer prices came as food prices rose 6.1% on year in August, versus 6.3% in July, with non-food items at 1.7% from July's 1.9% rise. On a month-on-month basis, the CPI fell 0.1% from July, after rising 0.5% in July from June, and compared with 0.2% forecast in the Reuters poll. Overall industrial products prices maintained a downward trend due to falling prices in global crude oil and non-ferrous metals. On month, the PPI fell 1.2% in August from July.
Post by: Republic of Türkiye Ministry of Trade