China's Inflation Slows; Producer Price Inflation At 6-Month High
16 October 2017 - 02:26PM
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China's consumer price inflation slowed in September on falling
food prices, while producer prices climbed at the fastest pace in
six months, data published by the National Bureau of Statistics
showed Monday.
Consumer price inflation eased to 1.6 percent in September from
1.8 percent in August. The rate came in line with expectations.
Inflation was well below the government's full year target of
around 3 percent.
Data showed that food prices declined 1.4 percent versus a
marginal fall of 0.2 percent a month ago.
On the other hand, non-food prices grew 2.4 percent, faster than
the 2.3 percent rise in August. Prices of consumer goods rose 0.7
percent and services prices advanced 3.3 percent.
Month-on-month, consumer prices gained 0.5 percent, following a
0.4 percent rise in August. This was the third consecutive rise in
prices.
In a separate communiqué, the NBS said producer price inflation
accelerated to 6.9 percent from 6.3 percent in the previous
month.
This was the fastest growth since March, when prices increased
7.6 percent. Economists had forecast inflation to rise marginally
to 6.4 percent.
On a monthly basis, producer prices moved up 1 percent after
gaining 0.9 percent.
Elsewhere, People's Bank of China Governor Zhou Xiaochuan said
Sunday that China's economy is set to achieve 7 percent growth in
the second half of the year on rapid growth in household
consumption, after GDP rebounded 6.9 percent in the first half.
The government targets around 6.5 percent expansion for the
whole year of 2017. The National Bureau of Statistics is slated to
publish third quarter GDP data on October 19.
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