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China's producer price index measuring factory gate prices rose 9.5% y/y in August, accelerating from July's 9.0% gain, hitting the highest level since August 2008 and outshining a forecast of 9.0%, according to the National Bureau of Statistics on Thursday, while consumer prices slowed.
The uptick in PPI year-on-year gain was mainly driven by price increases in coal mining, chemical raw materials as well as ferrous metal processing sectors, which rose by 11.4, 2.7 and 1.1 percentage points, respectively, the NBS said. PPI rose 0.7% m/m, also quickening from 0.5% reported last month, see: MNI Reality Check: China Aug CPI Stalls Despite Food Cost Rise.
China's August consumer price index eased to 0.8% y/y from 1.0% in July, registering a four-month low, less than the forecast 1.0%. The deceleration was partly due to falling food prices led by the declining pork prices, the NBS said. Service price gains, including that of air tickets and hotels, eased on sporadic outbreaks of Covid-19 cases. Core CPI, excluding food and energy prices, was up 1.2% y/y, compared with July's 1.3% gain.