Data released early Wednesday, September 9, by China’s National Bureau of Statistics showed that the annual consumer price index (CPI), a key measure of inflation, rose 0.8% year-on-year in August, compared to 0.5% growth in July, matching market expectations. Wholesale prices exceeded forecasts, driven by rising commodity prices and demand for technology.

Meanwhile, the core CPI, which excludes volatile food and energy prices, rose 1%, compared to a 0.9% increase in July.

Separately, China’s producer price index (PPI) rose 3.8% year-on-year in August, compared to 3.5% in July, exceeding expectations of 3.6% growth.