At a Beijing morning market, a customer pays for veggies by scanning a QR code.
August 9, 2023, in Beijing, China: A client pays for veggies at a morning market by scanning a QR code.
August producer prices -1.8% y/y vs -0.8% in July; August food CPI +2.8% y/y; China August CPI +0.6% y/y vs +0.5% in July
Economist: Demand-led reflation is not imminent.
September 9, Beijing - August had the strongest rate of consumer inflation in China in six months, although the increase was primarily caused by higher food costs as a result of weather-related disruptions rather than a rebound in domestic demand as producer price deflation deepened.
A faltering beginning in the second A prolonged housing collapse, ongoing unemployment, debt problems, and escalating trade tensions are all contributing to the half of the world's economy that is under increasing pressure to implement more policies.
According to data released on Monday by the National Bureau of Statistics (NBS), the consumer price index (CPI) increased by 0.6% from a year ago last month, compared with a 0.5% increase in July. However, this was less than the 0.7% increase predicted by analysts surveyed.
This summer's extreme weather, which included catastrophic floods and intense heat, has increased the price of farm food and accelerated inflation.
1.46 million hectares of China's crops were impacted by different natural catastrophes in August, according to a study released on Monday by official media.
August's higher CPI was brought on by the warm weather and the wet conditions," a statement from NBS statistician Dong Lijuan stated.
While non-food inflation decreased to 0.2% in August from 0.7% in July, food prices increased 2.8% year over year in July.
Read more:
https://www.reuters.com/world/china/chinas-consumer-prices-rise-faster-pace-august-2024-09-09/
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