China’s CPI up 1.9% in June

2018-07-10
Xinhua

BEIJING — China’s consumer price index (CPI), a main gauge of inflation, rose 1.9 percent year on year in June, compared with 1.8 percent in May, data from the National Bureau of Statistics (NBS) showed on July 10.

On a month-on-month basis, the CPI declined 0.1 percent.

Lower prices of fresh fruits and vegetables driven by abundant supply were the major reason for the CPI decline from May, said NBS statistician Sheng Guoqing.

Food prices slipped 0.8 percent month on month and climbed only 0.3 percent year on year.

The price of pork, China’s staple meat, slumped 12.8 percent year on year, dragging down CPI growth by 0.32 percentage point. On a monthly basis, it registered a 1.1-percent increase after a three-month straight decline.

Non-food prices rose 2.2 percent from the same period last year, and 0.1 percent from May.

China is aiming to keep annual CPI growth at around 3 percent this year, the same as the target for 2017.

The producer price index, which measures costs for goods at the factory gate, rose 4.7 percent year on year in June, hitting a six-month high.