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Thursday, October 15, 2020, 17:26
China's consumer inflation eases, factory-gate prices fall further
By Xinhua
Thursday, October 15, 2020, 17:26 By Xinhua

This undated photo shows shoppers buying fruits at a supermarket in Shijiazhuang, Hebei province. (JIA MINJIE / FOR CHINA DAILY)

BEIJING - China's consumer price index, a main gauge of inflation, rose 1.7 percent year-on-year in September, the National Bureau of Statistics (NBS) said Thursday.

The growth eased from the 2.4-percent rise registered in August

The CPI edged up 0.2 percent month-on-month in September, compared with an increase of 0.4 percent in August.

Dong Lijuan, a senior statistician with the NBS, attributed the easing of China's consumer inflation to retreating food prices, especially vegetables and pork

Dong Lijuan, a senior statistician with the NBS, attributed the easing of consumer inflation to retreating food prices, especially vegetables and pork.

Food prices, which account for nearly one-third of the weighting in the country's CPI, climbed 0.4 percent month-on-month in September, with the pace of growth decelerating from 1.4 percent in the previous month.

ALSO READ: CPI expected to further ease after 4-month low in August

Excluding food and energy, the core CPI rose 0.5 percent year-on-year, the same as August, NBS data showed.

In the first nine months, China's CPI rose 3.3 percent from a year earlier, staying within the government's annual target of around 3.5 percent for 2020.

Wen Bin, a chief analyst at China Minsheng Bank, expected the CPI growth to further moderate in the coming months because of a higher comparative base from last year, creating room for monetary policy maneuvering.

PPI down 2.1%

Meanwhile, China's producer price index (PPI), which measures costs for goods at the factory gate, fell 2.1 percent year-on-year in September, the NBS said.

The decline slightly widened from the 2-percent drop in August. 

Month on month, the PPI rose 0.1 percent last month as industrial activities picked up and market demand further improved, Dong said, adding that the prices of industrial products continued to increase.

READ MORE: China's industrial profits continue to see steady growth

Prices in the ferrous metal mining and dressing sector went up 1.3 percent, while prices in nonferrous metal smelting and rolling rose 0.7 percent, according to NBS data.

Dong also said that due to price fluctuations of international crude oil, prices of oil-related industries reversed the upward trend, with prices in oil and natural gas extraction shrinking 2.3 percent last month from August, and those for the processing of oil, coal and other fuel declining 0.5 percent.

In the first three quarters, factory-gate prices were down 2 percent on average from the same period last year, according to NBS data.


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