China’s inflation accelerates (Lead)September 9th, 2012 - 7:14 pm ICT by IANS
Beijing, Sep 9 (IANS) China’s consumer price index (CPI), a key gauge of inflation, rose 2 percent year-on-year in August, accelerating from a 1.8 percent growth in July, the National Bureau of Statistics (NBS) said Sunday.
Food prices, which account for nearly one-third of the weighting in the calculation of the country’s CPI, climbed 3.4 percent in August from a year earlier, faster than a 2.4 percent increase in July, reported Xinhua citing the NBS.
The producer price index (PPI), which measures inflation at the wholesale level, slumped 3.5 percent year-on-year, compared with a 2.9 percent decline in July, the NBS said.
It marked the sixth straight month of downswing after China’s PPI saw a drop in March for the first time since December 2009.
On a month-on-month basis, the CPI grew 0.6 percent in August and the PPI moved down 0.5 percent, according to the NBS.
In August, producer purchase prices shed 4.1 percent year-on-year and 0.5 percent from July, the NBS data showed.
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Tags: beijing, bureau of statistics, china, consumer price index, decline, downswing, food prices, gauge, index cpi, inflation, national bureau of statistics, nbs, producer price index, producer price index ppi, wholesale, wholesale level, xinhua