SHANGHAI – China’s consumer price index (CPI) rose 1.9 percent in October compared to the same month of 2016, rising 0.3 percentage points higher than in September, the National Bureau of Statistics reported on Thursday.
Compared to the previous month, prices in October saw a 0.1 percent increase.
China has set goal to raise national inflation to around 3 percent by the end of 2017, but October’s CPI entails the ninth consecutive month where such a figure has not surpassed 2 percent.
Nevertheless, China’s CPI in October still exceeded the experts’ forecast as a consequence of the price of food products, which fell by 0.4 percent in October, compared to the 1.4 percent drop in September.
According to analysts at Capital Economics, price pressures might remain strong for a while as the anti-pollution campaign undertaken by the Chinese government keeps commodity prices high, which will consequently result in core inflation.
The National Bureau of Statistics also published on Thursday the producer price index (PPI), which measures inflation at the wholesale level, noting that the upward trend continued in October with an interannual increase of 6.9 percent, the same figure reached in September.