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  HOME | Business & Economy (Click here for more)

Inflation in China Grows 2.7% Year-on-Year in July



BEIJING – The National Statistics Office (NSO) reported on Monday that China’s consumer price index (CPI), the main inflation indicator, increased 2.7 percent year-on-year in July, compared to 2.5 percent the previous month.

The figure is slightly higher than expected by analysts, who had forecast an increase in inflation of around 2.6 percent for June.

The institution also disclosed on Monday that the producer price index (PPI), which measures wholesale inflation, fell 2.4 percent year-on-year in July after the 3 percent year-on-year drop registered in June.

NSO statistician Dong Lijuan explained in a statement that the data reflects the result of government policies aimed at stabilizing prices and guaranteeing supplies, and stressed that “the market remained generally stable.”

As in previous months, NSO data shows that the main players in the CPI rise were food, which became more expensive by 13.2 percent year-on-year in July compared to 11.1 percent in June.

Specifically, the price of pork, one of the products with highest demand in China, continues its unstoppable increase by 85.7 percent year-on-year last month (in June it rose 81.6 percent and in May, 81.7 percent year-on-year), given that its production has been reduced since mid-2018 due to an African swine fever outbreak that has decimated the national herd.

Likewise, the price of fresh vegetables increased 7.9 percent year-on-year in July, while that of eggs fell 16.6 percent and that of fresh fruits fell 16.6 percent.

On the other hand, the NSO indicated that the price of non-food products did not register changes and, among them, that of consumer goods increased 4.3 percent, while those of services did not experience variations either.

The cost of health care rose 1.6 percent year-on-year in July and education, culture and entertainment, 0.3 percent, while transport and communications prices fell 4.4 percent; those of clothing, 0.5 percent, and those of housing, 0.7 percent.

The CPI increased 2.4 percent year-on-year in July in urban areas of the Asian country, while in rural areas it increased by 3.7 percent, added the agency.

Regarding the PPI, which fell 2.4 percent year-on-year in July after a fall of 3 percent in June and 3.7 percent in May, the NSO highlighted the drop in prices of industries related to gas extraction and oil (-27.8 percent) and those that process it (-17 percent).

 

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