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August CPI and PPI figures in China show the domestic economic recovery remains on track
Consumer price deflation is likely to bottom out based on the most updated reading of CPI and PPI figures, according to analysts.
China’s consumer price index (CPI) fell 1.2 percent year on year in August, the National Bureau of Statistics (NBS) said.
The producer price index (PPI), which measures inflation at the wholesale level, fell for the fourth straight month, dropping 7.9 percent year-on-year, Li Xiaochao, spokesman for the NBS said at a press conference.
“While CPI should begin to rise later in the year, inflation should be moderate, as producers and consumers alike continue to feel the effects of industrial overcapacity and unemployment,” said Jing Ulrich, chairwoman of China Equities at JP Morgan.
Without significant inflation pressure, the government will likely keep its current policy stance unchanged for a while, or at least until the end of this year, said Mingcun Sun of Nomura International (HK) Ltd.
The input price components of China’s two manufacturing PMI series remain on the rise. The HSBC-PMI input price reading jumped to 66.9 in August from 59.1 in July, while the official NBS-PMI input price reading increased to 62.6 from 59.9.
It is generally believed that when the PMI is above 50, it indicates that the overall manufacturing sector is expanding, while below 50 indicates that the overall manufacturing sector is contracting
China Shopping Spree for grocery-photo courtesy of Xinhua
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