Data released by China’s National Bureau of Statistics early Wednesday, October 14, showed that the annual consumer price index (CPI), a key measure of inflation, rose 0.9% year-on-year in September, compared to 0.8% growth in August. This fell short of market expectations, which had anticipated a 1% increase. However, wholesale prices exceeded expectations, registering their fastest growth in four years.

Meanwhile, the core CPI, which excludes volatile food and energy prices, remained unchanged at 1%, the same rate of increase as in August.

Separately, China’s producer price index (PPI) rose 5% year-on-year in September, compared to 3.8% in August, exceeding expectations of 4.5% growth and reaching its highest level since June 2022.