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Asia Today ISSN 1861-4604 Monday, July 16, 2018

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China’s consumer price index for September matches forecasts

GDP grew at 6.9 percent

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BEIJING, China - Data released by the National Bureau of Statistics showed that China’s consumer price index rose 1.6 percent in September from a year ago.

The consumer price index met expectations in the data released on Monday.

Data showed that the producer price index jumped 6.9 percent in September from a year ago, topping expectations. 

It was spurred by a year-long drive in construction spending that includes government-led infrastructure investment.

A poll in Reuters showed that China's Consumer Price Index was forecast to rise 1.6 percent in September from a year ago. 

In August, the CPI was recorded at 1.8 percent.

According to the poll, the Producer Price Index was predicted to have risen 6.3 percent in September from a year ago.

Tony Boyadjian, Compass Global Market's senior vice president of foreign exchange said in a statement that the strong PPI print that points to higher factory gate prices may help markets outside of China as the East Asian economy continues to grow, translating into demand for raw materials.

Boyadjian said, "What this means is that we could see a little bit more of imported inflation pressure elsewhere.”

This year, China has been posting strong economic numbers ahead of a leadership meeting in Beijing later this year.

The meeting will usher in a reshuffle in the top ranks of the Communist Party.

The People's Bank of China quoted central bank governor Zhou Xiaochuan as saying on its website that the world's second-largest economy is likely to post growth of 7 percent in the second half of the year due to rapid household spending. 

In the first half, GDP grew at 6.9 percent.

 

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