since June. The figure from the National Bureau of Statistics (NBS) was slightly higher than the 3.5% rate reported in August, but still below this year’s peak of 4.3% in February. The stabilization of prices reflects a stabilization of the Chinese economy, as it has gradually recovered from the coronavirus pandemic.
The NBS attributed the moderation in prices to a range of factors, including slowing demand and supply, as well as government efforts to contain prices. This includes financial and fiscal measures, such as a lowered benchmark lending rate and an increase to the minimum living allowance. Additionally, the NBS reported an increase in food prices, driven by increasing prices of pork, vegetables, eggs, and aquatic products, as demand has increased due to the country’s efforts to resume production and consumption.
At the same time, the NBS cautioned that with the recovery of the Chinese economy, businesses and consumers could see further price increases in the coming months. The NBS said it will continue to monitor the prices and the macroeconomic conditions closely to ensure the stability of prices in the future.
