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.
In China, inflation accelerated in August, driven by soaring energy prices resulting from supply risks and disruptions in sea transport linked to the Middle East conflict. Both producer and consumer prices rose, according to the national statistics agency which reported on Wednesday. The producer price index increased year-on-year by 3.8 percent, up from 3.5 percent in July.
Analysts had forecast a 3.6 percent rise before the figures were released. Producer prices increased by 0.4 percent compared to the previous month, while consumer prices rose by 0.8 percent compared to the same period last year, matching expert expectations. Compared to the previous month, consumer prices grew by 0.4 percent, exceeding analysts' predictions of a 0.3 percent increase.
Consumer prices fell by 0.1 percent in July. Food prices fell 1.4 percent year-on-year, while prices for other goods rose by 1.2 percent.
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