By Swann Collins, investor, writer and consultant in international affairs – Eurasia Business News, August 10, 2022
Consumer prices in China rose at a record pace in July 2020 amid a jump in food prices in general and pork in particular, while factory gate inflation continued to ease, official data revealed Wednesday. Consumer price inflation rose to a two-year high of 2.7 percent in July from 2.5 percent in June, the National Bureau of Statistics reported.
The Chinese consumer prices (CPI index) increased by 2.7% in annual terms in July, the National Bureau of Statistics (GSU) of China reported. In June, the inflation was 2.5%. Analysts on average expected an increase in growth in July to 2.9%.
The cost of food jumped by 6.3% in annual terms after rising by only 2.9% a month earlier. Including pork prices soared by 20% after a decline of 6% in June.
In the non-food sector, there was a slowdown in price growth to 1.9% from June’s 2.5%. Including transport and telecommunication services rose in price by 6.1%, clothing – by 0.7%, goods and services for the home – by 1.4%, medical services – by 0.7%.
In January-July 2022, the Chinese CPI index rose by 1.8% compared to the same period in 2021.
Meanwhile, producer prices (PPI index) in China last month increased by 4.2% after rising by 6.1% in June. The indicator was the lowest in 17 months. Experts suggested a less significant slowdown in growth rates – up to 4.8%.
The PPI index in July fell by 1.3% compared to the previous month. In June, this indicator did not change.
In January-July 2022, Chinese producer prices increased by 7.2% compared to the same period last year.
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