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  HOME | Business & Economy (Click here for more)

China’s October Inflation Climbs to 3.8%, Highest since 2012

SHANGHAI – China’s consumer price index, the main indicator of inflation, grew 3.8 percent year-on-year in October, its highest growth rate since January 2012 and eight tenths higher than September, according to official data released on Friday.

The National Bureau of Statistics data revealed that the producer price index – tracking wholesale inflation – continued to decline, registering a drop of 1.6 percent, compared to the 1.2 percent fall recorded in September.

As in the last few months, the CPI growth was mainly driven by food products, which grew 15.5 percent, higher than the 11.2 percent figure from September.

Prices of non-food products grew 0.9 percent, one decimal point lower than the September growth.

The price of pork, among the products that enjoy the highest demand in China, grew 101.3 percent year-on-year, after production was hit due to an outbreak of African Swine Fever in the country that decimated the pig population.

Vegetables prices dropped 10.2 percent year-on-year.

Urban and rural CPI registered a year-on-year growth of 3.5 percent and 4.6 percent respectively.

In the first 10 months of the year, average consumer prices grew 2.6 percent compared to last year, according to the NBS.

The inflation figures released on Friday are much higher than the targets fixed by the government, which in March planned to maintain CPI growth to around 3 percent.

 

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