(Beijing Comprehensive News) Due to the continued weak domestic consumption and demand due to the epidemic control measures across China, the growth rate of residents' consumer prices and producers in August was lower than expected.Economists believe that this shows that China's official still has room for further relaxation of financial policies.
August CPI rose 2.5 % year -on -year
According to the data released by the National Bureau of Statistics of China on Friday (September 9), the Chinese residents' consumer price index (CPI) in August this year rose 2.5 % year -on -year, down 0.2 percentage points from July.
Factory producers' ex -price index (PPI) growth rate fell by 1.9 percentage points to 2.3 % year -on -year, continuing the downside trend since November last year, and also set the minimum growth rate since February last year.
Bloomberg surveyed economists' August CPI increase estimated median value is 2.8 %, and PPI was 3.2 %. In August, both economic data were lower than the expected level.
In terms of food prices, food prices in August rose 6.1 % year -on -year, down 0.2 percentage points compared with July.The price of pork, which occupies important weights in the CPI basket, has increased by 2.2 percentage points to 22.4 % in August after the increase of 20.2 % in July.1.7 %.
The year -on -year increase in non -food prices also fell 0.2 percentage points from July to 1.7 %.Among them, the prices of gasoline, diesel and liquefied petroleum have declined, but they remain at a high level of about 20 %. The core CPI increases from food and energy prices are flat year -on -year as in July, and consumption and domestic demand show signs of weak consumption and domestic demand.
On the other hand, the continuous slipping of commodity prices such as international crude oil has led to weak PPI.Data show that the price increase of production and living materials in August has declined compared to July.
Dong Lijuan, chief statistician of the National Bureau of Statistics, pointed out that the increase in production pressure, steel and other industries in the coal and other industries to increase production pressure, steel and other industries. In addition, the base of the same period last year also promoted the decline in the year -on -year increase in PPI in August.
Reuters quoted Kaitou's macro research report saying that due to the above -mentioned factors, PPI data in the next few months will continue to decline, and the CPI increase will be maintained below the central bank's 3 % goal.
Bloomberg reported analysis that the weak data in August reflects that inflation will not become a constraints for the implementation of currency loose in the short term.On the contrary, the increase in the increase in core inflation and the sharp decline in metal prices are a manifestation of weak domestic demand and difficult economic recovery in many fields, which means that more policy support is required.
Liu Peiqian, chief Chinese economist at the National Ximin Group, believes that food prices are lower than the expected increase and can provide more space for the central bank to relax the policy in the next few months.
