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China consumer prices rise for eighth month in a row NHK

Consumer prices in China rose in September, marking an increase for the eighth straight month.

Data from the National Bureau of Statistics shows the consumer price index climbed 0.4 percent from the level a year earlier.

That was mainly due to rising prices of food, such as vegetable and pork.

On the other hand, the prices of automobiles and smartphones are falling as consumers are becoming more inclined to save money.

Furniture and home appliances were also cheaper due to weakness in the housing market. The struggling sectors have been fueling fears of deflation.

The producer price index for September was down 2.8 percent year-on-year. It has fallen for 24 months in a row.

Amid growing uncertainties over the economy, China's central bank announced additional monetary easing steps, including rate cuts, in September. The Chinese government also announced more fiscal stimuli last week.
Summary
Eight consecutive monthly increases in consumer prices in China, led by food costs and decreasing automobile/smartphone prices due to cost-cutting measures. The housing market weakness contributed to cheaper furniture and home appliances. Fears of deflation persist. The producer price index
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ID: d5c90597-e6f0-463b-aa9b-5c1ccf63c799

Category ID: nhk

URL: https://www3.nhk.or.jp/nhkworld/en/news/20241014_03/

Date: Oct. 14, 2024

Created: 2024/10/15 07:00

Updated: 2025/12/08 09:50

Last Read: 2024/10/15 07:44