Business News Asia
The National Bureau of Statistics of China (NBS) reported that the consumer price index (CPI) rose 2.7% in July from a year earlier. This was the highest level in 2 years, driven by the increase in pork prices.
In June, the CPI increased by 2.5%.
According to the NBS, food prices rose 6.3% in July, significantly higher than the 2.9% increase in June, while pork prices rose 20% in July after falling 6% in June.
The core CPI, which excludes food and energy prices, rose 0.8% in July, following a 1% increase in June.
Meanwhile, the CPI rose 1.8% in the first seven months of this year, still below the Chinese government’s target of 3% for 2022.
The NBS also reported that the Producer Price Index (PPI) rose 4.2% in July, following a 6.1% increase in June.