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MNI BRIEF: China August CPI, PPI Eased More Than Expected

MNI (Singapore)

China's August consumer price index rose 2.5% y/y, decelerating from July's 2.7% and falling short of the median forecast for a 2.8% print, data from the National Bureau of Statistics on Friday showed.

Price gains in both food and non-food items slowed from the previous month, with pork price rises slowing by 25.2pp to a 0.4% m/m pace on improved supply and reduced seasonal demand. The CPI was also capped by lower fuel costs and service fees. Core CPI, excluding food and energy prices, rose 0.8% y/y, remaining flat compared to July. On a monthly basis, CPI fell 0.1%, reversing the prior month's 0.5% rise.

The producer price index eased for the tenth straight month to 2.3% y/y from July's 4.2%, following declines in crude oil and non-ferrous metals prices, as well as weak domestic demand. The figure was much lower than the 3.2% forecast, and hit the lowest level since February 2021. On a monthly basis, PPI fell 1.2%, slowing from July's 1.3% decline.

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