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  HOME | Business & Economy (Click here for more)

China Records 2.7% Rise in Inflation for 2nd Month in a Row

BEIJING – China’s consumer price index, the main indicator used to gauge inflation, rose 2.7 percent year-on-year in June, an increase that was identical to the one registered in the previous month, according to data released by the Asian giant’s National Bureau of Statistics on Wednesday.

As in the case of May, the CPI was driven by food prices, which increased 8.3 percent, NBS Urban Division head Dong Yaxiu said.

In the food sector, dry fruits witnessed a 42.7 percent increase year-on-year, and the high prices could only be explained by the effects of climate change and by the fact that prices were lower than usual in June 2018.

Another major driver of food inflation was the price of pork meat (21.1 percent), which has a huge demand among Chinese consumers.

The pork market is still reeling from the effects of a recent African swine fever outbreak that has claimed the lives of millions of animals.

The increase in prices of non-food items was 1.4 percent, 0.1 percent less than the previous month.

The producer price index, which measures wholesale inflation, fell by 0.3 percent year-on-year in June, resuming its slowdown trend after three consecutive months of timid recovery.

In May, the CPI had grown by 2.7 percent year-on-year. This was the highest increase in prices since the same month last year, although it was still below the government’s target of 3 percent.

 

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