China’s economic pressures eased in August as consumer prices rose, showing signs that the world’s second-largest economy may have gotten over its worst post-pandemic economic slump.
Data released by the National Bureau of Statistics on Saturday showed that China’s consumer price index rose by 0.1% last month, reversing the trajectory of July’s 0.3% drop; its first decline in over two years.
‘The year-on-year increase in CPI was mainly helped by summer travel, which boosted transportation, cultural tourism, accommodation, catering, and other sectors,” Bruce Pang, chief economist at Jones Lang Lasalle Inc. remarked. Economic recovery was also aided by a 3% drop in producer prices.