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August 11, 2020

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Home » Business » Economy

July CPI jumps 2.7% on higher food prices

Source: Xinhua | 00:00 UTC+8 August 11, 2020 | Print Edition

CHINA’S consumer inflation accelerated for the second straight month in July on the back of higher food prices, official data showed yesterday.

Consumer price index, the main gauge of inflation, grew 2.7 percent year on year last month, expanding from a 2.5 percent gain in June and a 2.4 percent rise in May, according to data from the National Bureau of Statistics.

On a monthly basis, consumer prices went up 0.6 percent. Meanwhile, food prices, which account for nearly one-third of the weighting in China’s CPI, edged up 2.8 percent last month.

In breakdown, pork prices climbed 10.3 percent from June due to tight supplies and increasing demand from the recovering catering industry.

Prices of vegetables rose 6.3 percent from June as unfavorable weather conditions disrupted supplies and transport.

Excluding food and energy, the core CPI rose 0.5 percent year on year, down from 0.9 percent in June, according to Dong Lijuan, a senior statistician with the NBS.

The overall inflation is under control as the core CPI hit a record low, said Wen bin, chief analyst at China Minsheng Bank.

In the first seven months of this year, CPI rose 3.7 percent year on year.

Yesterday’s data showed China’s producer price index, which measures costs for goods at the factory gate, fell 2.4 percent year on year in July.

The reading narrowed from the 3 percent drop in June and 3.7 percent fall in May. On a monthly basis, overall producer prices gained 0.4 percent as industrial production continued to pick up and market demand gradually warmed, Dong said, adding that rising prices of international commodities also played a role.

Economy


 

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