China's CPI up 0.6 pct in August, showing improving trend of economy

China

China's CPI up 0.6 pct in August, showing improving trend of economy

2024-09-09 10:26 Last Updated At：21:27

China's consumer price index (CPI), a main gauge of inflation, was up 0.6 percent year on year in August this year, accelerating from the previous month, reflecting a continuously improving trend of the economy, data from the National Bureau of Statistics (NBS) showed on Monday.

Among the eight major categories of goods and services that make up the CPI, the prices of the other seven categories rose or remained flat over the previous year, except for transportation and communications prices.

On a monthly basis, the CPI jumped 0.4 percent in August, with food prices up 3.4 percent and non-food prices down 0.3 percent.

A breakup of the food prices indicated that fresh vegetable and fruit prices surged to varying degrees due to the lingering summer heat and strong rainfall in some regions.

Among non-food prices, demand for travel declined as the new semester began, driving down airfare and tourism product prices.

"From a monthly perspective, food price surges are the main factor driving the CPI up. Affected by seasonal factors, vegetable, fruit and egg prices all went up over the previous month in August. The decline in energy prices is the main factor driving the CPI down. Due to weakening demand and an increase in inventories, the global crude oil prices dropped in August, leading to a decrease in domestic refined oil prices," said He Xiaoying, deputy director of the analysis and prediction division of the price monitoring center at the National Development and Reform Commission, the country's top economic planner.

In addition, affected by the falling prices of some international commodities and other factors, China's producer price index (PPI), which measures costs for goods at the factory gate, went down 1.8 percent on a yearly basis and 0.7 percent on a monthly basis in August, the NBS data showed.

Beijing consumer gold market remains hot despite rising prices

2024-09-17 04:15 Last Updated At：08:17

Beijing's consumer gold market has been running hot during the Mid-Autumn Festival holiday, despite recent rises in the gold price on international markets.

Last week, the main contract for gold futures on the New York Mercantile Exchange (COMEX) has risen to over 2,600 U.S. dollars per ounce.

At a gold shop in Beijing's Xicheng District, the price of pure gold jewelry went up to about 737 yuan (about 104 U.S. dollars) per gram, but many shoppers are still looking to buy gold jewelry especially during the Mid-Autumn Festival holiday and the end-of-summer wedding season.

"It is now more than 700 yuan (about 98.7 U.S. dollars) per gram, but when we were here about two months ago, it was only just above 600 yuan (about 84.6 U.S. dollars) per gram," said a customer.

"I'm getting married, so I came to have a look. Even if the price goes up, we still have to buy it," said another customer.

"I had nothing to do during the holidays, so I came here to take a look [at the gold jewelry]. I just bought a lucky charm bead and now I want to take a look at the bracelet," said another customer.

At the shop's gold investment counter, many consumers have been making inquiries about gold bars, which has long been considered a safe investment, although experts recommend caution in the rising gold market.

At the shop's gold investment counter, many consumers have been inquiring about gold bars, which have long been considered a safe investment. However, experts recommend caution in the rising gold market.

"Many investors will buy gold bars for medium- to long-term investment based on their expected price as part of their overall family asset allocation. We suggest that investors be more rational in their decisions," said Li Yang, a senior gold investment analyst.