$CNIRYY (August/2024)
- China's annual inflation rate edged up to 0.6% in August 2024 from 0.5% in July,
falling short of market forecasts of 0.7%.
Still, it was the highest print since February,
marking the 7th straight month of consumer inflation amid supply issues due to flaming heat and pouring rains.
Food prices rose for the first time since June 2023, with their rate of increase the fastest in 19 months (2.8% vs flat reading in July) as fresh vegetables rebounded sharply.
Meanwhile, non-food prices increased 0.2% yoy, much slower than the prior 0.7%, on softer rises in cost of clothing (1.4% vs 1.5%), housing (flat reading vs 0.1%), health (1.3% vs 1.4%), and education (1.3% vs 1.7%).
At the same time, transport costs fell at a steeper rate (-2.7% vs -0.6%), with lower oil prices offsetting higher cost of utilities.
Core consumer prices, deducting food and energy costs, increased 0.3% yoy, the least since March 2021.
Monthly, the CPI rose 0.4%, the second month of gain but lower than consensus of 0.5%.
source: National Bureau of Statistics of China
falling short of market forecasts of 0.7%.
Still, it was the highest print since February,
marking the 7th straight month of consumer inflation amid supply issues due to flaming heat and pouring rains.
Food prices rose for the first time since June 2023, with their rate of increase the fastest in 19 months (2.8% vs flat reading in July) as fresh vegetables rebounded sharply.
Meanwhile, non-food prices increased 0.2% yoy, much slower than the prior 0.7%, on softer rises in cost of clothing (1.4% vs 1.5%), housing (flat reading vs 0.1%), health (1.3% vs 1.4%), and education (1.3% vs 1.7%).
At the same time, transport costs fell at a steeper rate (-2.7% vs -0.6%), with lower oil prices offsetting higher cost of utilities.
Core consumer prices, deducting food and energy costs, increased 0.3% yoy, the least since March 2021.
Monthly, the CPI rose 0.4%, the second month of gain but lower than consensus of 0.5%.
source: National Bureau of Statistics of China
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