China Prices Rise As Cost Of Food Spikes
Sumaira FH Published October 16, 2018 | 02:12 PM
A spike in the price of fruit and vegetables pushed up China's inflation rate in September, official figures showed Tuesday.
Beijing, (APP - UrduPoint / Pakistan Point News - 16th Oct, 2018 ) :A spike in the price of fruit and vegetables pushed up China's inflation rate in September, official figures showed Tuesday.
For the fourth straight month, the consumer price index (CPI) -- an important barometer of retail inflation -- rose, hitting its highest level since February, at 2.5 percent, the National Bureau of Statistics said.
Extreme typhoon weather lashed southern China last month, bringing strong winds and heavy rain, and badly affecting agricultural production, it added.
The world's biggest pork producer is also scrambling to contain an outbreak of African swine fever that has spread through pig farms, with pork prices rising significantly from August.
Adding to the strain on consumers, the cost of diesel and gas jumped more than 20 percent on last year.
Oil is priced in US Dollars, a Currency that has risen against the Yuan in recent months, making fuel imports pricier.
The producer price index -- which is used to measure the performance of the industrial sector -- decelerated to a 3.6 percent on-year rise in September.
That was down from 4.1 percent in August but above the 3.5 percent forecast in a Bloomberg news survey.
While prices rose, the costs of raw materials went down, the NBS said.
"Policymakers are likely to look through the latest pick-up in consumer price inflation and focus instead on evidence of cooling economic momentum, including slower core inflation and weaker factory gate price pressures," said Julian Evans-Pritchard, senior China economist at Capital Economics.
The rise in consumer inflation is "unlikely to prevent (the central bank) from loosening monetary policy further in the coming months in a bid to shore up economic growth," he said in a note.
Related Topics
Recent Stories
Bugti assures transporters for addressing their problems
Deputy Prime Minister and Foreign Minister, Mohammad Ishaq Dar meets foreign min ..
3 drug peddlers arrested, hashish recovered
1496,990 children given polio drops in five days: DC
Six terrorists killed, hideout busted in N Waziristan IBO: ISPR
Pakistan, Qatar agree to further expand trade, investment ties
Sindh cabinet approves Rs177.5m to strengthen, mobilize various wings of police
Faisal Karim Kundi takes oath as new KP Governor
Azad Jammu and Kashmir Prime Minister Anwaar ul Haq Chaudhry seeks more vibrant ..
Tahaffuz Manzil Foster Home providing care & support to homeless children
PCB proposes April 7 -May 20 window; tweaks in rules for HBL PSL 2025
Field hospitals now operational across Punjab: Azma Bukhari
More Stories From World
-
Football: French Ligue 1 results - collated
1 hour ago -
Football: Italian Serie A results - collated
1 hour ago -
European Champions Cup semi-final result
2 hours ago -
Football: Italian Serie A table
2 hours ago -
Tennis: WTA Madrid Open results
2 hours ago -
Formula One: Miami Grand Prix sprint race results
2 hours ago
-
Barca have 'huge amount' to change next season: coach Xavi
2 hours ago -
Haaland 'back to business' with four-goal haul in Man City rout of Wolves
2 hours ago -
Newcomer Bellingham Madrid's driving force in La Liga conquest
2 hours ago -
Girona players have made history, says coach after reaching Champions League
2 hours ago -
Reus begins farewell tour while Bayern stumble in Stuttgart
2 hours ago -
Real Madrid La Liga title win in numbers
3 hours ago