Vegetable prices in China have soared this summer, with analysts pointing to high temperatures and frequent rainfall as the main reasons.
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BEIJING – China reported on Monday that Consumer prices increased by 0.6% compared with the same period last yearAugust fell short of expectations due to lower transportation and home furnishing costs, as well as rents.
A Reuters survey shows that the consumer price index in August is expected to increase by 0.7% year-on-year.
Wind information data shows that food prices increased by 2.8% year-on-year in August, which is the first time since June 2023 that there has been a positive trend. In August, pork prices rose by 16.1% and vegetable prices by 21.8%.
The core Consumer Price Index (CPI), which excludes food and energy prices, rose 0.3% year-on-year in August, the second consecutive month of slowing growth.
Since the outbreak, consumer prices in China have been depressed due to sluggish domestic demand.
Former Chinese central bank governor Yi Gang said at a meeting on Friday that China needed to focus on “fighting the epidemic.” deflationary pressure” He predicted that by the end of this year, the consumer price index will be slightly above zero.
Retail sales grew only 2.7% in July Started a year ago. Retail sales and industrial data for August will be released on Saturday.
The producer price index fell by 1.8% year-on-year in August, exceeding the 1.4% drop expected by a Reuters survey.
This is a breaking news story. Please check back for updates.
—CNBC’s Anniek Bao contributed to this report.
