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China inflation picks up speed in September
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China's inflation growth accelerated at the fastest pace in seven months due to rising food prices, data from the National Bureau of Statistics showed this morning.
The Consumer Price Index, the main gauge of inflation, expanded 3.1 percent from a year earlier in September. It quickened from a rise of 2.6 percent in August, and exceeded the market expectation.
Food costs, which account for nearly one third of the CPI basket, jumped 6.1 percent year on year last month, compared with 4.7 percent in August.
Yu Qiumei, a senior statistician at the bureau, said the rising food prices contributed the most to the CPI increase in September, followed by gasoline and travel costs.
In the first three quarters, China's CPI climbed an average of 2.5 percent, still below the 3.5 percent limit set by the government.
The Producer Price Index, which tracks factory-gate inflation, dropped 1.3 percent on an annual basis last month, narrowing from the 1.6 percent decline in August, according to the statistics bureau.
"China's inflation momentum has accelerated," said Zhou Hao, an analyst at Australia & New Zealand Banking Group Ltd. "The CPI inflation is likely to remain above 3 percent in October and November."
Zhou said the growing inflationary pressure may make the central bank unable to change the tightening bias in monetary policy for the remainder of the year.
"The likelihood of an interest rate cut or a reserve requirement ratio cut before the end of this year is greatly reduced," Zhou said.
China's gross domestic product expanded 7.5 percent in the second quarter, the slowest in more than one year. The third-quarter growth rate, to be released on Friday, is expected to be around 7.7 percent.
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