Economy

China's October Consumer Inflation Hits 9-Month High

China's October Consumer Inflation Hits 9-Month High”

Food prices fell 0.4% from a year earlier, declining for the ninth straight month, after dropping 1.4% in September.

The producer price index rose 6.9 per cent in October from a year earlier, in line with the growth rate in September when it hit a six-month high, data released by the National Bureau of Statistics showed on Thursday.

The key inflation reading slightly outpaced a 1.8% gain forecast by economists polled by The Wall Street Journal. Monthly inflation slowed to 0.7% from 1% a month ago.

Julian Evans-Pritchard, an analyst with research firm Capital Economics, attributed the rising inflation to China's still-solid economic growth, a tight labor market, the government's ongoing drive to reduce excess industrial capacity, and an official campaign to curb factory production during the winter to reduce choking air pollution in the country's north.

The producer price index climbed 6.9%, holding steady from September.

Food prices, which account for a significant part of the CPI calculation, dropped 0.4 percent from a year earlier, dragging down the CPI number by 0.08 percentage points, Sheng said.

However, CPI rose to an annual rate of 1.9% in October, up from 1.6% in September and higher than the forecast of 1.8%.



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