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China’s inflation growth reaches a one-year high
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CHINA'S inflation growth picked up for the third straight month in August to reach a one-year high mainly due to the rising prices of food, according to the National Bureau of Statistics today.
The economists said although the inflation rate increased more than expected, there is still room for China to relax policies further to shore up a faltered economy.
The Consumer Price Index, the main gauge of inflation, rose 2 percent from a year earlier last month, accelerating from the pace of 1.6 percent in July and 1.4 percent in June. It was the highest since August of last year and more than earlier market expectations of around 1.8 percent.
Food prices, which account for nearly one third in the CPI basket, added 3.7 percent, much faster than the increase of 2.7 percent a month earlier. Costs of fresh vegetables jumped 15.9 percent and that of pork and processed meat gained 9.3 percent, becoming the two major drivers of the growth.
Prices in the non-food sector edged up 1.1 percent, the same as the rate in July.
Yu Qiumei, a researcher at the bureau, said the jump of the consumer prices, which helped to disperse some deflationary pressure, was still within a reasonable range.
"Food prices increased rapidly. It was in part a result of last month's extreme weather that disturbed the production and transport of fresh vegetable and other food," Yu said.
The deflationary pressure still existed, Yu said, as the Producer Price Index, the factory-gate measurement of inflation and a harbinger for future prices at the consumer end, declined 5.9 percent in August, down further from the drop of 5.4 percent in July and extending the decrease stream to the 41st consecutive month.
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