(Yicai Global) Oct. 16 -- The consumer price index (CPI) increased 1.6 percent annually and 0.5 percent monthly last month, while the producer price index (PPI) rose 6.9 percent annually and 1.0 percent monthly, data released today by the National Bureau of Statistics show.
The published annual growth rates for the CPI and PPI beat economists' expectations of 1.57 percent and 6.37 percent, respectively.
The CPI remained below 2 percent for the eighth consecutive month. Food prices decreased 1.4 percent, while the prices of non-food items, consumer goods, and services climbed 2.4 percent, 0.7 percent, and 3.3 percent, respectively.
The annual growth rate of the PPI was up 0.6 percentage point from the previous month, while the monthly growth rate rose 0.1 percentage point higher on an increase in the price of production materials.
The price of production materials went up 9.1 percent, and the price of consumer goods rose 0.7 percent. The ferrous metal smelting and pressing industry witnessed growth, while the coal mining and dressing, petroleum processing, and oil and gas extraction industries slowed down.