Chinese consumers paid 1.9% more for goods in September than they did a year ago, the government’s National Bureau of Statistics reported Monday. That’s down from a 2% increase in August.
Food prices, which account for more than a third of the inflation calculation, rose 2.5% during the month.
Household finances in China are especially susceptible to fluctuations in food prices, as many poor families spend large percentages of their income on food.
Still, inflation remains at very low levels. As recently as one year ago, China’s consumer price index stood above 6% — well north of the government’s stated inflation rate target of 4%.
In July, officials said that annual economic growth dropped to 7.6% in the second quarter — down from 8.1% the previous quarter. The government will issue its third quarter GDP report later this week, and economists expect growth to remain well below 8%.
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