China’s consumer price inflation in June hit its highest level in 23 months.
According to the National Bureau of Statistics of China on the 9th, the consumer price index (CPI) rose 2.5% in June compared to the same month last year.
This is the highest in 23 months since July 2020 (2.7%).
China’s consumer price inflation has remained at a relatively low level of less than 2% since November of last year, but rose to the 2% level, recording 2.1% in April and May, respectively.
The Chinese authorities have set a target for consumer price inflation of 3% or less.
Looking at major foods, prices of fruits (19%), eggs (6.5%) and vegetables (3.7%) rose, but prices of pork (-6%) and aquatic products (-3.3%) fell.
However, the price of pork, which has a major impact on consumer prices, rose 2.9% from the previous month, acting as a factor in inflationary pressure.
The average price of pork at the nationwide agricultural wholesale market rose 13% in a week to 24.55 yuan (regarding 4,770 won) per kg on the 1st.
In the non-food category, fuel for transportation surged 32.8% compared to the same month last year due to the rise in international oil prices.
From January to June this year, the consumer price index recorded a 1.7% increase.
Producer price index (PPI) rose 6.1% in June compared to the same month last year, down from 6.4% in the previous month.
China’s monthly PPI growth rate has declined for the eighth month since peaking at 13.5% in October last year.
Analysts say that it is the effect of a decrease in industrial demand due to the impact of the spread of COVID-19 and the lockdown.
Archyde.com reported that “the economy is showing signs of recovery as the COVID-19 calms down and the easing of lockdowns, but the recent signs of a resurgence of COVID-19 might slow economic recovery and growth.”
/yunhap news