BEIJING – China’s consumer price index in July rose 1.4 percent year-on-year, compared with a 1.5 percent increase in June, falling just short of estimates, the National Bureau of Statistics of China said on Wednesday.
Food prices last month fell 1.1 percent compared to July 2016, although the 2 percent increase in the price of non-food products offset those declines, allaying fears the economy could tip into deflation.
The price of pork fell 15.5 percent in July, and vegetable prices fell 9.1 percent, while among non-food products, medical and health expenses rose 5.5 percent.
The bureau also published the production price index, the main indicator of inflation in the wholesale sector, which stood steady at 5.5 percent in July, unchanged from the previous two months.
China has set an inflation target of 3 percent for 2017, the same as in previous years.