Consumer inflation up 1.6 percent in September
China’s consumer inflation retreated mildly in September, weighed down by dropping food prices, while growth in factorygate prices hit a six-month high on strong domestic demand for raw materials.
The consumer price index (CPI) grew 1.6 percent year-on-year in September, slowing from August’s 1.8 percent, but still faster than July’s 1.4 percent, the National Bureau of Statistics (NBS) said. It was the eighth straight month for the main gauge to stay beneath the 2 percent mark.
On a monthly basis, the index was up 0.5 percent, slightly higher than the 0.4 percent seen in the previous month.
NBS statistician Sheng Guoqing attributed the milder inflation to lackluster food prices, which account for a significant part of the CPI calculation.
The increase in non-food prices picked up. Led by services including heath care and home rents, non-food prices gained 2.4 percent year-on-year. The pace quickened marginally from August’s 2.3 percent.