Sep consumer inflation notches biggest growth in 7 months

In January, the prices of coal and steel fell, driving the overall price of industrial products to fall.

According to preliminary estimates, the gross domestic product (GDP) was 114,367.0 billion yuan in 2021, an increase of 8.1 percent over the previous year at constant prices with the average two-year growth of 5.1 percent. By quarter, the GDP for the first quarter went up by 18.3 percent year on year, up by 7.9 percent for the second quarter, 4.9 percent for the third quarter and 4.0 percent for the fourth quarter. By industries, the value added of the primary industry was 8,308.6 billion yuan, up by 7.1 percent over the previous year, that of the secondary industry was 45,090.4 billion yuan, up by 8.2 percent and that of the tertiary industry was 60,968.0 billion yuan, up by 8.2 percent.

In September 2021, the national ex-factory prices of industrial producers rose by 10.7% year-on-year and 1.2% month-on-month; the purchase prices of industrial producers rose 14.3% year-on-year and 1.1% month-on-month. On an average basis from January to September, the ex-factory prices of industrial producers rose by 6.7% over the same period last year, and the purchasing prices of industrial producers rose by 9.3%.

China’s price increases of industrial products have both expanded month on month and year on year in August due to the higher prices of coal, chemicals, steel and other products.

In August, 2021, the national industrial producer ex-factory prices rose 9.5% year-on-year, a record high since August 2008. The index climbed 0.7% from July. Industrial producer purchase prices rose 13.6% YoY, and 0.8% MoM. From January to August on an average basis, industrial producer ex-factory prices rose 6.2% over the same period last year, and industrial producer purchase prices rose 8.6%.

National Statistics Bureau (NBS) released today the July CPI (Consumer Price Index) and PPI (Producer Price Index) data.

The consumer price index rose 1.7% from a year earlier

The PPI rose 0.9% year on year in Dec, the lowest since Sep 2016

This is a roundup of global macro-economic news last night and what is expected today.

China’s producer price index (PPI) in December rose 4.9% from the same month a year ago, higher than the expectation at 4.8%. The growth in December, however, was lower than the 5.8% seen in November.