China's August CPI Rose The Fastest Pace Since February This Year
Chinese government has released August inflation data. Consumer inflation increased more than expected in August, but China's producer inflation growth slowed amid softening domestic demand.
According to data of the National Statistics Bureau, the consumer price index (CPI) rose 2.3% yoy in August, above expectations of 2.2% gain and accelerated from July's 2.1%. It was also the fastest pace since February this year. On a month-on-month basis, the CPI increased 0.7%. China’s government has set an inflation goal of 3% for 2018.
The core consumer price index, which excludes volatile food and energy prices, rose 2.0% in August, compared with 1.9% in July. The food price index rose 1.7% yoy, while non-food prices grew 2.5% yoy in August.
Meanwhile, the producer price index (PPI), a gauge of industrial profitability, rose 4.1% yoy in August, compared with a 4.6% increase in July. Analysts had expected August PPI to rise to 4.0%. On a monthly basis, PPI rose to 0.4% in August from 0.1% in July.