China’s State Statistics Agency released inflation data for August 2023, showing a year-on-year rise of 0.1% against a forecast of 0.3%. The official numbers are published on the SSA’s site and in the national statistical bulletin, providing a reliable snapshot of price movements across the economy.
The SSA notes a divergence between urban and rural price trends: city prices increased by 0.2% while rural prices declined by 0.2%. Food costs dropped by 1.7%, and prices for consumer goods fell by 0.7%. In contrast, non-food items rose by 0.5% and the service sector advanced by 1.3%, reflecting shifting consumption patterns and input costs across sectors.
For the period from January to August, national consumer prices rose 0.5% compared with the same timeframe the prior year, according to the agency’s data.
Economist Konstantin Tserazov highlighted the risk that inflation in Russia could accelerate if growth in the PRC slows. In his view, a softer Chinese expansion may create a double worry for Russia’s energy exports, particularly oil, by influencing global demand and pricing dynamics.
The ongoing question centers on how ruble depreciation could affect the broader economy, including import prices, inflation pressures, and household purchasing power, especially in a context of shifting international demand and trade flows.