Сonsumer prices in China in July climbed by 2.1%

Investing.com – Consumer inflation rate in China in July 2018 increased to a record level since March.

Consumer prices (CPI index) increased last month by 2.1% in annual terms after an increase of 1.9% in June, according to the State Statistics Office (SSO) of China. Experts interviewed by the Bloomberg agency,  predicted June inflation in China at 2% on average.

The growth of the CPI index in monthly terms was 0.3%, in June its value decreased by 0.1%.

The increase in the cost of food last month accelerated to 0.5% compared with 0.3% in June. Non-food products rose 2.4% year-on-year after a 2.2% rise in prices in the previous month.

The indicator excluding the cost of food and energy remained in July at 1.9% against the same month a year earlier.

The PRC authorities are aimed at maintaining consumer inflation just below the level of 3% in 2018. Private economists expect a slowdown in price growth to 3.2% from 6.3% in 2017.

The rise in producer prices (PPI) in China slowed from 4.7% in annual terms in June to 4.6% in July. Analysts forecast an increase of 4.5% on average.