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China's consumer price index rises, producer inflation eases YOY in August

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China's consumer price index rises, producer inflation eases YOY in August

China's consumer price inflation rose in August, mainly due to an increase in food prices, while producer inflation eased on softening of domestic demand.

The country's consumer price index was up 2.3% in August as compared to the previous year, after rising 2.1% in July, according to data released by National Bureau of Statistics of China.

On a monthly basis, consumer prices rose 0.7% in August, as food prices gained 2.4% from July.

From January to August, China's CPI rose 2.0% year over year on average, the same average increase from January to July, said the NBS.

The producer price index rose 0.4% month over month in August, or 0.3 percentage points higher than the previous month.

On an annual basis, the PPI rose 4.1% in August, but the increase was 0.5 percentage points lower than July, data showed.

The Econoday consensus estimated annual producer price inflation of 4.0% in August.

China's PPI rose 4.0% year over year on average from January to August, which was the same as the average increase from January to July, said NBS.