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China's CPI up 2.8%, PPI down 0.8% in August

Updated: Sep 10,2019 04:14 PM    CGTN

China's consumer price index (CPI), a main gauge of inflation, rose by 2.8 percent year-on-year in August, the National Bureau of Statistics (NBS) showed on Sept 10.

Food prices climbed 10.0 percent year-on-year last month, 0.9 percentage points higher than that in July, according to the NBS.

Nonfood prices gained 1.1 percent, 0.2 percentage points lower than that in the previous month.

The CPI in the urban areas and countryside rose 2.8 percent, 3.1 percent, respectively.

On a month-on-month basis, the CPI inched 0.7 percent in August, the NBS said.

Due to the approaching Mid-Autumn Festival and the substitution of consumption, price of eggs, beef, lamb, chicken and duck increased 2.0-5.9 percent.

In the first eight months of 2019, the CPI went up 2.4 percent on average from the same period a year earlier.

China's producer price index (PPI), which measures costs for goods at the factory gate, declined by 0.8 percent year-on-year in August, according to the NBS.

The pace was 0.5 percentage points higher than the previous month.

On a monthly basis, the PPI saw a slight dip from July, falling by 0.1 percent.

Factory price of production materials went down 1.3 percent while that of consumer goods increased 0.7 percent year-on-year in August.

Among major industries, oil and natural gas extraction industries saw a fall of 9.1 percent in prices last month, according to the bureau.