China’s Yearly Inflation Slightly Eased in August

China’s Yearly Inflation Slightly Eased in August

China’s yearly inflation slightly eased to 2.5% yearly in August, official data showed on Friday.

That figure dropped from the highest in two-year July at 2.7% and was under the market estimate of 2.8%.

Food prices increased by 6.1%, slowing down an increase of 6.3% in July, which was the highest pace in 22 months.

In addition, the cost of non-food increased by 1.7%, moderating by an increase of 1.9%, due to a slowdown in transport and communication (4.9% against 6.1 %), housing (0.6% against 0.7%), household items and services (1.3% against 1.4%), according to the National Statistics Bureau.

China has set an inflation target of around 3% for 2022, the same as in 2021.

Monthly, consumer prices decreased by 0.1% in August, the first monthly drop in three months.

The price index of producers increased by 2.3%, the slowest rate since February 2021, remarkably down compared to 4.2% a month earlier.

China’s Yearly Inflation Slightly Eased in August