Data released by the National Bureau of Statistics on the 9th shows that in August, influenced by fluctuations in international market prices and seasonal increases in food prices, the Consumer Price Index (CPI) turned from a month-on-month decline of 0.1% in the previous month to a rise of 0.4%. The year-on-year increase rebounded to 0.8%. Excluding food and energy prices, the core CPI rose 1.0% year-on-year.

According to Dong Lijuan, Chief Statistician at the National Bureau of Statistics' Urban Department, the 0.8% year-on-year CPI growth in August, which expanded by 0.3 percentage points compared to the previous month, was mainly driven by a broader increase in energy prices. Energy prices surged from 0.6% last month to 4.1% this month, contributing approximately 0.28 percentage points to the CPI's year-on-year rise, an increase of about 0.24 percentage points compared to the previous month's impact.

Additionally, in August, prices for industrial consumer goods excluding energy rose 1.8%, with the growth rate expanding by 0.3 percentage points, affecting the year-on-year CPI increase by roughly 0.42 percentage points. Service prices increased by 0.8%, up 0.1 percentage points from the previous month, contributing about 0.38 percentage points to the year-on-year CPI growth.

On a month-on-month basis, the national CPI turned from a 0.1% decline in July to a 0.4% increase in August. Dong Lijuan noted that due to changes in international market prices, domestic gasoline prices shifted from a 10.7% decline last month to a 7.2% increase this month, contributing approximately 0.21 percentage points to the month-on-month CPI rise. Among food items, fresh vegetable prices rose 5.5% due to hot and rainy weather and seasonal crop transitions. Egg prices turned from a 2.1% decline to a 2.4% increase, influenced by reduced laying hen productivity in summer heat and lower pig supply. Pork prices climbed 1.3%. Together, these three items contributed approximately 0.12 percentage points to the month-on-month CPI increase.

In August, driven by upward transmission from international commodity prices and increased demand in certain industries amid domestic industrial transformation and upgrading, the Producer Price Index (PPI) shifted from a 0.7% month-on-month decline to a 0.4% rise, with the year-on-year growth expanding to 3.8%.