Beijing, September 9 (Daily Kiran) : The Consumer Price Index (CPI) in China experienced a modest increase of 0.8% in August compared to the same period last year, according to data released by the National Bureau of Statistics on September 9. This marks a rise of 0.4% from July.
Tung Lichuan, the chief statistician in the bureau’s urban department, attributed the CPI increase primarily to a significant rise in energy prices. In August, energy costs surged by 4.1% year-on-year, a notable increase from the 0.4% rise recorded in July.
Additionally, the prices of gold jewelry saw a substantial year-on-year increase of 21.5%. Prices for tablet computers, personal computers, and mobile phones also rose by 21.5%, 19.6%, and 11%, respectively. Conversely, food prices fell by 1.4%, with pork prices dropping sharply by 11.8%.
On the production side, the Producer Price Index (PPI) rose by 3.8% compared to the previous year, reflecting a 0.4% increase from July.
Tung Lichuan identified three main factors contributing to the PPI rise in August. First, the increase in oil and non-ferrous metal prices in the international market has led to higher costs for domestic businesses. Second, price adjustments in certain sectors due to business updates have contributed to the overall increase. Lastly, seasonal changes have also impacted pricing trends.
This data reflects ongoing economic adjustments in China as it navigates global market fluctuations.
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