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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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Risk Warning: Trading Forex and CFDs carries the risk of losing substantially more than your initial investment and should only be traded with money you can afford to lose. You do not own or have any rights to the assets that underlying the derivatives (such as the right to receive dividend payments). Ensure you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please consider our legal documents and ensure that you fully understand the risks before you make any trading decisions.
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Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission "FSC" of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
HuaPrime EU Ltd, registered number HE423188, and with a business address at Georgiou Griva Digeni 122A, Kallinicos Court, Shop 1—Upper level, Neapolis, 3101 Limassol, Cyprus, is regulated by the Cyprus Securities and Exchange Commission, which has CIF license number 426/23.
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