September 23, 2019
Latest News

Inflation rises by 2.8 percent year-on-year in China, an 18-month high

Beijing, Sep 10 (efe-epa).- China's consumer price index, the main indicator of consumer inflation, recorded a rise of 2.8 percent year-on-year in August, official data showed on Tuesday.

The figure, which is the highest since February 2018, rose 0.7 percent from July.

In July, it had gained 0.4 percent compared to the preceding month.

The main cause of the year-on-year increase was the price of food products, which went up 10 percent, China's National Bureau of Statistics said in a statement.

Meat products registered the highest increase, with an inflation of 30.9 percent year-on-year.

The price of pork meat – which is in high demand among Chinese consumers – saw a jump of 46.7 percent compared to the previous year.

Dry fruits also shot up 24 percent year-on-year, while eggs and alcohol saw their price go up by 3.6 and 2.3 percent, respectively.

However, non-food prices were 0.2 percent cheaper than in July, with a gain of only 1.1 percent.

The prices in the services sector, the healthcare and education sector and the culture and entertainment sector went up 1.6 percent, 2.3 percent and 2.1 percent, respectively.

Within the healthcare sector, traditional Chinese medicine products registered a gain of 4.3 percent, compared to a 4-percent rise in prices for products belonging to the field of so-called "Western" medicine.

However, the transport and communications prices fell 2.3 percent year-on-year, 0.2 percent more than the figure recorded in July, because the price of fuel dropped by 10.2 percent.

In the period between January and August, the year-on-year inflation average has been 2.4 percent.

The Chinese government aims to keep consumer inflation under about 3 percent in 2019. EFE-EPA


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