By Charles Riley@CRrileyCNNOctober 14, 2012: 11:01 PM ET
HONG KONG (CNNMoney)
Chinese consumers paid 1.9% more for goods in September than they did a year ago, the government's National Bureau of Statistics reported Monday. That's down from a 2% increase in August.
Food prices, which account for more than a third of the inflation calculation, rose 2.5% during the month.
Household finances in China are especially susceptible to fluctuations in food prices, as many poor families spend large percentages of their income on food.
Still, inflation remains at very low levels. As recently as one year ago, China's consumer price index stood above 6% -- well north of the government's stated inflation rate target of 4%.
In July, officials said that annual economic growth dropped to 7.6% in the second quarter -- down from 8.1% the previous quarter. The government will issue its third quarter GDP report later this week, and economists expect growth to remain well below 8%.
Economists at UBS said Monday that further action is unlikely after a round of positive trade data that has eased concerns.
"We do not expect the government to come up with any major new stimulus, either during the leadership transition or after, unless the economy takes a turn for the much worse," the bank said in a research note.