China's inflation rate accelerates in August

China's consumer price inflation accelerated slightly in August amid higher costs for food, official data showed Sunday, but producer prices continued to fall amid the country's slowing economic growth. Consumer prices rose 2.0 percent year-on-year, the National Bureau of Statistics said, as food prices increased 3.4 percent. Inflation stood at 1.8 percent in July. Producer prices -- which measure costs of goods as they leave factories -- declined 3.5 percent year-on-year, falling for the sixth straight month, NBS data showed. Producer prices fell 2.9 percent in July. China's economy grew 7.6 percent in the second quarter through the end of June for its weakest performance in three years. Data in the current third quarter has remained weak as the slack global economy dents demand for exports. Chinese authorities have taken steps this year to boost growth by cutting interest rates twice in quick succession and slashing the amount of funds banks must keep in reserve to boost lending, but with little impact so far. The price data for August come as China is scheduled to release other key indicators for the month later Sunday, including retail sales and industrial production as economists watch for clues to prospects for the world's second-largest economy.