Consumer prices were down 1.2% on year in August compared to the 1.8% contraction in July, representing a slower rate of decline than the 1.3% drop expected by economists. Month-on-month, consumer prices were up 0.5% in August.
In terms of commodities, housing prices recorded the biggest annual fall, down 5.4% in August. Transportation & communication prices decreased 2.9%, and clothing prices dropped 2.2%. The fall was partly offset by food prices, which increased 0.5%, while prices for tobacco, liquor & articles were up 1.3%. Healthcare & personal articles prices rose 0.9% in August.
Producer prices slid 7.9% year-on-year in August compared to the 8.2% decline in the previous month. The drop was roughly in line with economists’ expectations for a 7.8% annual contraction.
On a monthly basis, producer prices climbed 0.8% in August, marking the fifth consecutive month of growth.
Producer prices for means of production decreased 9.7% on year in August. Of this, prices in the mining & quarrying industry were down 25.9%, and the raw materials industry dropped 11.5%. Prices in the processing industry slipped 6.9% in August. Prices for means of livelihood were down 1.9% on year, with food prices and durable consumer goods prices falling 2.3% each. Also, purchaser’s prices for raw materials, fuel & power contracted 11.4% year-on-year. Of this, prices for non-ferrous metals, fuel & power, ferrous metals, and raw chemical materials & wire decreased 20.9%, 17%, 19.2% and 11.3%, respectively.
Retail sales were also roughly in line with expectations, gaining 15.4% on year in August compared to forecasts for a 15.3% rise, and were worth a total of 1.01 trillion yuan. Retail sales had risen 15.2% in July.
Analyzing by commodities, sales of grain & oil went up 12.7% year-on-year in August. Clothing sales increased 23.3%, and sales of articles for daily use was up 15.6%. Sales of motor vehicles and building & decoration materials rose 34.8% and 36.6%, respectively.
Industrial production was up 12.3% on year, topping forecasts for a 11.9% annual increase after the 10.8% gain in the previous month. August was the fourth consecutive month which witnessed an acceleration of annual growth.
All 39 industrial sectors showed year-on-year growth in August. Significant increases were reported in the textile industry, which grew 9.8%, and the raw chemical materials & chemical products industry, up 18.2%. The manufacture of non-metallic mineral products and the manufacture of general machinery was up 17.3% and 12%, respectively.
In terms of products, the output of coal climbed 14.6% over the previous year in August. The output of crude oil was up 1.6%, and electricity output rose 9.3%. The production of motor vehicles soared 90% in August.
The Bureau also announced that the urban fixed asset investment for the period of January to August, increased 33% year-on-year and amounted to 11.3 trillion yuan. Economists were looking for 32.7% growth.
From January to August, Investment in coal mining & washing was up 36% compared to the corresponding period of the previous year. Investment in production & supply of electric power & heat power increased 23.5%, while investment in railway transport soared 103.5%.
The Chinese yuan rose against the dollar following the release of August data.
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