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China's Consumer Inflation Up in September

16 October 2017, at 12:00am

CHINA - China's consumer inflation retreated mildly in September, weighed down by dropping food prices, while growth in factory-gate prices hit a six-month high on strong domestic demand for raw materials.

The consumer price index (CPI) grew 1.6 per cent year-on-year in September, slowing from August's 1.8 per cent, but still faster than July's 1.4 per cent, the National Bureau of Statistics (NBS) said Monday.

It was the eighth straight month for the main gauge to stay beneath the 2-per cent mark.

On a monthly basis, the index was up 0.5 per cent, slightly higher than the 0.4 per cent seen in the previous month.

NBS statistician Sheng Guoqing attributed the milder inflation to lackluster food prices, which account for a significant part of the CPI calculation.

"Food prices declined 1.4 per cent from a year ago, contributing 0.28 percentage point to the slowdown," said Mr Sheng.

Prices of pork, a staple meat in China, dragged down the whole sector with a loss of 12.4 per cent.

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