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Tuesday, August 9, 2016, 11:01

China consumer prices up 1.8% in July

By Xinhua
China consumer prices up 1.8% in July
Source: National Bureau of Statistics.

BEIJING - China's consumer price index (CPI), a main gauge of inflation, grew 1.8 percent year on year in July, down from June's 1.9 percent, the National Bureau of Statistics announced Tuesday.

The July data dropped for the third-consecutive month from 2.3 percent in April, when the CPI reached its highest level since July 2014.

On a month-on-month basis, the CPI rose 0.2 percent in July.

NBS statistician Yu Qiumei attributed the moderated inflation mostly to eased food prices.

The price of pork rose 16.1 percent year on year in July, slowing from 30.1-percent rise recorded in June.

Since January, CPI has been calculated using a new comparison base and included more products and services, while slightly reducing the weighting of food.

Producer prices down 1.7%

China's producer price index (PPI), which measures costs for goods at the factory gate, dropped 1.7 percent year on year in July, the NBS said Tuesday.

The PPI decline narrowed from a 2.6-percent decrease in June thanks to stronger industrial product prices for nonferrous metal smelting and rolling, ferrous metal ore mining, and ferrous metal melting and rolling, the NBS said in an online statement.

However, the July reading continued a 52-month decline streak as China's economic slowdown and industrial overcapacity dampened prices.

On a month-on-month basis, July's PPI edged up 0.2 percent.

The PPI figures came along with the release of the consumer price index, which rose 1.8 percent year on year in July, slowing from 1.9 percent in June.

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