China’s inflation rate fell slightly in August, which could lead policymakers in Beijing to hold off on efforts to tighten the nation’s money supply.

The National Bureau of Statistics announced Friday that inflation rose 6.2 percent last month compared to a year earlier, and after reaching a three-year high of 6.5 percent in July.

The bureau says food prices slowed from 14.8 percent in July to 13.4 percent in August, contributing to the overall drop in the August inflation rate. Non-food inflation rose to 3 percent last month, compared to the 2.9 percent growth in July.

The government has been struggling since last year to slow inflation, which has risen well above the official annual target of just 4 percent. The steps Beijing has taken include a series of interest rate hikes and raising the amount of cash deposits banks most hold in reserve.

Premier Wen Jiabao said last week that fighting rising prices remains the government’s top priority.

In other economic news Friday, industrial production rose 13.5 percent in August, while retail sales jumped 17 percent.

Fixed asset investment, which measures the government’s spending on infrastructure, grew 25 percent over the first eight months of this year.