Annual inflation rate in China three times lower than expected

Annual inflation in China in August 2023 was 0.1%, with a forecast of 0.3%, Report informs referring to the State Statistical Agency of the People's Republic of China.

Prices in cities increased by 0.2%, but in rural areas they fell by 0.2%. A 1.7% decline in food prices and a 0.7% decline in consumer goods prices was reported. At the same time, prices for non-food products increased by 0.5%, and in the service sector by 1.3%.

“National consumer prices rose 0.5% from January to August compared with the same period last year,” the agency said.