China’s inflation accelerated to a 6-month high in August, while producer price inflation eased reflecting soft domestic demand, official data showed Monday.
Inflation accelerated to 2.3 percent in August from 2.1 percent in July, the National Bureau of Statistics reported. Inflation was expected to remain at 2.1 percent.
Nonetheless, inflation remains well below the government’s full year-target of around 3 percent.
During January to August, consumer prices advanced 2 percent from the same period of last year.
Food prices advanced 1. 7 percent and non-food prices climbed 2.5 percent in August.
Monthly consumer price inflation increased to a 6-month high of 0.7 percent from 0.3 percent a month ago.
Another report from NBS showed that producer price inflation eased to 4.1 percent in August from 4.6 percent in July. However, the rate was slightly above the expected 4 percent.
Month-on-month, producer prices climbed 0.4 percent after gaining 0.1 percent in July. This was the fourth consecutive rise in prices.
Data released over the weekend revealed that China’s trade surplus with the U.S. hit a record $31.1 billion in August despite trade disputes.
China’s exports climbed 9.8 percent annually, while imports surged 20 percent in dollar terms. Economists had forecast 9.3 percent rise in exports and 18.7 percent increase in imports.
Consequently, the overall trade surplus fell to $27.9 billion in August, below the forecast of $31 billion.