China's wholesale inflation tops estimates in August on commodity costs, tech demand as consumer price increases meet forecast
Much of the anticipated pickup reflects a favorable base-effect comparison and higher commodity costs, rather than a genuine strengthening in household demand.
China's wholesale inflation rose more than expected in August, driven by higher commodity costs. The Producer Price Index jumped 3.8% year-over-year, surpassing estimates of a 3.7% rise. This increase comes after a 3.5% rise in the previous month.
The Consumer Price Index also saw a rise, climbing 0.8% from a year ago, up from 0.5% previously. On a monthly basis, CPI inflation was 0.4%, compared to a decline of 0.1% in July. This monthly increase was hotter than expectations of a 0.3% rise, according to FXStreet.
The data had little impact on the AUD/USD pair, which has been influenced by other factors, including expectations of a potential interest rate hike by the Reserve Bank of Australia later this month. The Australian Dollar has been supported by stronger-than-expected economic growth and persistent domestic inflation.
Brief written by urgent.news from CNBC, FXStreet — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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