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China’s inflation, food prices record steep rise

Beijing, Sep 13 (Calcutta Tube) China’s inflation and food prices both rose sharply in August, its the National Bureau of Statistics (NBS) said Saturday.

China’s consumer price index (CPI), a major gauge to measure inflation, rose by a 22-month high of 3.5 percent in August from one year earlier, the bureau said.

Food prices climbed 7.5 percent year on year in August, according to NBS statistics. The pace of growth accelerated from the 6.8 percent rise in July and 5.7 percent growth in June.

The consumer price index growth rate was 0.2 percentage points higher compared with that in July, the NBS said.

On a month-on-month basis, China’s CPI grew 0.6 percent in August from July, NBS spokesman Sheng Laiyun said.

The country’s CPI rose 2.8 percent year on year in the first eight months of the year, accelerating from 2.7 percent increase in the January-July period.

The producer price index, a major measure of inflation at the wholesale level, also rose 4.3 percent in August from a year earlier, slower from July’s 4.8 percent growth, Sheng said.

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