The Strategist

Consumer prices in China show the fastest growth since April 2020

10/17/2022 - 03:19

China's State Statistics Office reports that the consumer price index (CPI) increased 2.8% year over year in September.

Since April 2020, the index has risen at its quickest rate yet, with a spike in food costs accounting for the majority of the increase. The annual CPI growth rate in August was 2.5 %.

The biggest increase since August 2020 was in pork, up 36%. In addition, the cost of fresh produce increased by 12.1% for vegetables, 17.8% for fruit, and 8.3% for vegetable meat.

Products other than food saw an increase in price of 1.5% from September 2021. Diesel fuel prices increased by 21%, gasoline prices rose by 19.2%, and liquefied petroleum gas prices rose by 16.6%, among others.

The PPI, meanwhile, saw the worst gain since January 2021 in September. It increased 0.9% versus expectations of a 1% increase.