China’s inflation rate to edge down in September

BEIJING (Xinhua) – China’s consumer price index (CPI), a main gauge of inflation, was expected to record slightly slower growth in September, according to a research report.

The CPI was likely to rise 2.7 per cent year on year in September, compared with a 2.8-per cent increase registered in August, according to a report from the Bank of Communications’ financial research centre.

Beef and mutton climbed prices up, while vegetable prices retreated after more fresh vegetables hit the market, the report said.

These factors would lead to higher food prices month on month, but the year-on-year price growth would be limited due to increased food prices in the same period last year, according to the report.

Meanwhile, the year-on-year non-food price growth was expected to edge down, it noted.

China aims to keep consumer inflation at around three per cent in 2019, according to this year’s government work report.

The National Bureau of Statistics is scheduled to release the official CPI data for September on October 15.