POST TIME: 11 September, 2018 00:00 00 AM
Chinese inflation picks up in August

Chinese inflation picks up in August

China’s consumer price inflation rose more than expected in August, official data showed yesterday, after Beijing’s first wave of tariffs on US goods came into force, with prices of eggs, pork and vegetables rising, reports AFP from Beijing.

The consumer price index (CPI), an important barometer of retail inflation, rose 2.3 per cent on-year, from 2.1 per cent in July, marking the largest increase since February, according to data from the National Bureau of Statistics (NBS).

The jump exceeded economist forecasts of 2.1 percent but still comes in well below Beijing’s targeted ceiling of three per cent.

The price rise comes as experts forecast China’s tariffs on US soybean imports, a crucial component of livestock feed, could result in higher prices at the table for the world’s most populous country.

The world’s biggest pork producer is also scrambling to contain an outbreak of African swine fever that has spread through hog farms.

Pork prices rose 6.5 per cent from July, eggs 12 percent and vegetables nine per cent, while the prices of cereals and cooking oil remained stable.