(Yicai) Sept. 9 -- China’s consumer and producer inflation rose last month, largely on the back of higher energy and international commodity prices.

The consumer price index rose 0.8 percent in August from a year earlier, up from a six-month low of 0.5 percent in July, according to data released by the National Bureau of Statistics today. That was slower than the 0.9 percent forecast by Yicai’s survey of chief economists. The CPI gained 0.4 percent month on month, reversing July’s 0.1 percent dip.

Energy prices were the main driver, with the year-on-year increase accelerating to 4.1 percent from 0.6 percent in July, said Dong Lijuan, chief statistician at the urban surveys department of the NBS. Gasoline prices jumped 9.3 percent, with the pace accelerating by 8.3 percentage points.

Consumer prices are in a moderate upward trend, though inflationary pressure remains generally under control, Pang Ming, a distinguished senior researcher at the National Institution for Finance and Development, told Yicai. While services are providing support, the drag from food prices is easing, Pang noted.

Price gains were also evident in consumer goods. Prices of industrial consumer goods (excluding energy) climbed 1.8 percent from a year earlier, with the pace accelerating by 0.3 point, Dong said. Prices of tablets, computers, and mobile phones surged 21.5 percent, 19.6 percent, and 11 percent, respectively, with all three gaining from July.

Service prices rose 0.8 percent from a year ago, 0.1 point faster than in July, while food prices fell 1.4 percent, with the decline slowing by 0.1 point. The core CPI, which excludes food and energy, climbed 1 percent from a year earlier, Dong noted.

Factory Gate Prices

The producer price index, which measures factory gate prices of industrial products, rose 3.8 percent in August from a year earlier, up from July’s three-month low of 3.5 percent, the NBS data also showed. That was a faster clip than the 3.6 percent predicted by the surveyed economists. The PPI gained 0.4 percent month on month, reversing a 0.7 percent decline the month before.

Costlier international crude oil and non-ferrous metals pushed up prices for domestic industries. Prices in oil extraction, refined petroleum product manufacturing, and organic chemical raw material production rose 10.4 percent, 4.1 percent, and 0.9 percent, respectively, from July, while those in non-ferrous metal smelting and rolling gained 0.8 percent, Dong said.

Industrial transformation and upgrading also boosted demand and prices in some emerging industries. Electronic circuit prices jumped 3.5 percent on the prior month, while virtual reality gear rose 1.9 percent and service robots gained 0.3 percent.

The year-on-year increases in both the CPI and PPI point to a recovery in consumer and industrial prices and strengthening momentum in the real economy, Pang said. The improving price environment also creates favorable conditions for policymakers to maintain ample liquidity and step up countercyclical measures, he added.

Editors: Dou Shicong, Emmi Laine