Guangzhou (JLC), September 9, 2024 – China's consumer price index (CPI), a main gauge of inflation, rose 0.6% year on year in August, accelerating from a 0.5% growth in July, data from the National Bureau of Statistics (NBS) showed.
On a month-on-month comparison, the CPI was up 0.4% in August, the NBS data showed.
The growth was mainly driven by food prices, which were in turn boosted by high temperatures and frequent rainfall in some areas, according to Dong Lijuan, an NBS statistician.
In January-August, the CPI was up 0.2% year on year, the NBS data showed.
Factory-gate price deflation persists
China's producer price index (PPI), which measures factory-gate goods prices, fell 1.8% year on year in August, compared to a 0.8% decrease in July, the NBS data showed.
On a month-on-month comparison, the PPI dropped 0.7% in August, worsening from a 0.2% decline in July, the NBS data indicated.
In January-August, the PPI dropped 1.9% from the same period last year, the NBS data showed.
