Consumer Prices in China Rise 0.5% in July
Consumer prices in China increased by 0.5% in July compared to the previous year, exceeding expectations, primarily driven by a rise in pork prices, according to data from the National Bureau of Statistics cited by CNBC.
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Analysts’ Expectations
Analysts surveyed by Reuters anticipated a slight increase in the consumer price index, predicting a rise of 0.3% in July on a year-over-year basis, compared to 0.2% in June, as reported by News.ro.
Significant Price Changes
The 0.5% increase in the consumer price index in July marked the highest rise since a 0.7% increase in February, based on official data accessed through Wind Information. The biggest holiday in China, the Lunar New Year, occurred in February this year.
Pork prices, a staple food widely consumed in China, surged by 20.4% in July, representing the largest increase since December 2022, according to Wind. Pork prices play a significant role in China’s consumer price index but are subject to considerable fluctuations due to diseases or other production-related factors.
Core Inflation
The core consumer price index, which excludes food and energy prices, rose by 0.4% year-over-year in July, down from 0.6% in June.
