Guiyang sees CPI grow 0.3% month-on-month in Aug

In August 2023, the month-on-month consumer price index (CPI) in Guiyang, capital of Southwest China's Guizhou province, increased by 0.3 percent, compared to a flat performance in the previous month. On a year-on-year basis, the CPI turned from a decrease in the previous month to an increase of 0.2 percent. The cumulative CPI for the period from January to August rose by 0.4 percent.

In August, industrial product prices in Guiyang increased by 1.3 percent compared to the same period last year. Looking at the factors at play, firstly, due to the rise in international gold prices this year, prices of gold jewelry and platinum jewelry increased, leading to a year-on-year surge of 11.2 percent in jewelry and watch prices.

Secondly, clothing prices grew by 8.5 percent year-on-year. Thirdly, higher prices for furniture raw materials, labor costs, and product equipment upgrades drove furniture prices up 2.1 percent year-on-year.

Service prices showed a month-on-month increase but a year-on-year decrease.

Influenced by the summer holiday, accommodation prices, travel agency fees and airfares rose by 15.1 percent, 7.5 percent, and 3.7 percent month-on-month, respectively, leading to a 0.4 percent month-on-month increase in service prices in August.

However, due to the provincial discount promotion on scenic spot tickets and the year-on-year decrease in airfares, service prices decreased by 0.5 percent year-on-year in August.