BUSINESS China's CPI up 2.7 pct in July

BUSINESS

China's CPI up 2.7 pct in July

People's Daily app

09:33, August 10, 2022

China's consumer price index (CPI), a main gauge of inflation, rose 2.7 percent year on year in July, the National Bureau of Statistics said Wednesday.

A customer selects goods at a supermarket in Xixiu district of Anshun, Southwest China's Guizhou province, July 9, 2022. (Photo: Xinhua)

Non-food prices rose 1.9 percent from a year earlier, easing from the 2.5-percent rise in June, the NBS data showed.

The core CPI, which excludes food and energy prices, gained 0.8 percent year on year in July, lower than the 1 percent increase in June.

On a monthly basis, the CPI inched up 0.5 percent due to rising pork and fresh vegetable prices, as well as seasonal factors, said Dong Lijuan, a senior statistician with the NBS.

Food prices went up 3 percent from the previous month, driving up the monthly consumer inflation by about 0.53 percentage points, according to the data.

Specifically, the price of pork, a staple meat in China, increased 25.6 percent month-on-month in July, partly due to the reluctance of some pork farmers to sell, while consumer demand recovered, said Dong.

The price of fresh vegetables rose 10.3 percent due to continuous high temperatures in many regions of the country, while the price of fresh fruit dropped by 3.8 percent because of increasing market supply.

Wednesday's data also showed that China's producer price index, which measures costs for goods at the factory gate, went up 4.2 percent year on year in July.

(With input from Xinhua)

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