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BEIJING (MNI) - Here are five highlights from China's consumer price index
(CPI) and producer price index (PPI) data released by the National Bureau of
Statistics on Tuesday:
- CPI growth in September came in at 2.5%, the highest since the 2.9% gain
recorded in February, in line with the median of 2.5% in an MNI survey. From
January to September, the country's consumer prices rose 2.1% y/y.
- CPI rose 0.7% m/m in September, continuing to expand at the same rate as
in August. Increasing food prices, especially those of vegetable and fruits due
to season changes and extreme weather conditions in some areas, was the main
driver of the increase, contributing to 0.46 percentage points of the CPI
- Food prices recorded growth of 2.4% m/m, unchanged from August; while
non-food items gained 0.3% m/m, up from the 0.2% m/m growth in August, driven by
the rising costs of education, rental prices, gasoline and diesel.
- PPI gained 3.6% in September on a year-on-year basis, beating the median
estimate of 3.5% in an MNI survey. PPI rose by 0.6% m/m, up from the 0.4% gain
in August, indicating increasing pressures on businesses. The 3.46 percentage
point growth in ex-factory price is propped up by a 4.6% y/y gain in the price
of production materials, mainly construction materials, fuels, ferrous and
non-ferrous metals, and wires.
- Price gains in crude, coal and other fuel processing production, coming
in at 4.0% m/m, as well as in crude and natural gas extraction, at 3.8% m/m,
fueled the PPI expansion in September, both of which were mainly driven by the
pick-up in international oil prices.
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