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Consumer prices in China rose in August at the fastest rate in six months, driven by higher food costs stemming from weather disruptions. The consumer price index (CPI) increased by 0.6% year-on-year, compared to 0.5% in July, but fell short of the 0.7% forecast.
(China CPI y/y Chart, Source: Forex Factory)
Meanwhile, the producer price index (PPI) declined by 1.8% in August from a year earlier, marking its sharpest drop in four months. This was largely attributed to weak domestic demand and lower prices for imported commodities.
(China PPI y/y Chart, Source: Forex Factory)
Extreme weather conditions this summer, from severe flooding to intense heat, have driven up the cost of agricultural products, fueling inflation. Core inflation, which excludes volatile food and energy prices, fell to 0.3% in August from 0.4% in July.
In a rare assertive statement, China’s former central bank governor Yi Gang emphasized the need to tackle deflationary pressures at the Bund Summit in Shanghai last week. Weaker economic activity has led global brokerages to lower their 2024 growth forecasts for China to below the official target of around 5%.
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