CWEB - China consumer inflation turns positive in August; PPI drops the least in 5 months
2023-09-11 00:43:35 ET
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China's consumer inflation recovered in August after dropping into negative territory in the previous month for the first time in more than two years, official data showed on Saturday.
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China's consumer prices rose by 0.1% y/y in August 2023, compared with market forecasts of a 0.2% gain and after the first drop in over 2 years of 0.3% a month earlier.
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Core consumer prices, excluding food and energy prices, went up 0.8% y/y, the same pace as in July, and remained at the fastest pace since January.
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On a monthly basis, consumer prices gained 0.3% in August, matching consensus and coming after a 0.2% growth in July.
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Meanwhile, the drop in China’s producer price index, which reflects the prices that factories charge wholesalers for products, narrowed from a fall of 4.4% in July to 3% in August. The indicator has fallen for 11 months in a row.
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On a monthly basis, producer prices edged up 0.2%, the first increase in nine months, after a 0.2% fall in July.
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Food prices dropped by 1.7%, while services prices rose by 1.3%, indicating an uneven post-reopening economic recovery. Consumer goods prices also dropped by 0.7% year-by-year.
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ETFs: ( FXI ), ( KWEB ), ( CQQQ ), ( MCHI ), ( ASHR ), ( YINN ), ( TDF ), ( CHIQ ), ( GXC ), ( EWH ), ( KBA ), ( YANG ), ( CXSE ), ( CAF ), ( CWEB ), ( PGJ ), ( KURE ), ( CHIX ), ( CYB ).
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More on China economy:
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China’s manufacturing activity contracts for a fifth straight month to 49.7 in August
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China's industrial production, retail sales grows less than expected in July
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China's CPI falls for first time in over two years; PPI drops more than expected
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China trade surplus narrows sharply in July as exports, imports both posted double-digit decline
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China service sector growth of 54.1 in July beats forecasts; composite PMI drops to 6-month low
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China consumer inflation turns positive in August; PPI drops the least in 5 months