China’s consumer price inflation slowed marginally in July, while factory gate inflation accelerated on commodity prices, data published by the National Bureau of Statistics showed on Monday.
Consumer prices grew 1 per cent year-on-year in July, slightly slower than the 1.1 per cent rise seen in June. The annual rate was expected to ease to 0.8 per cent. On a monthly basis, consumer prices gained 0.3 per cent, in contrast to the 0.4 per cent drop in the previous month.
Core inflation that excludes food and energy prices, rose to 1.3 per cent from 0.9 per cent a month ago. Food prices were down 3.7 per cent as pork prices plunged 43.5 per cent.
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Meanwhile, non-food prices grew 2.1 per cent. Another report from the NBS showed that factory gate inflation accelerated in July after moderating in June.
The producer price index climbed 9 per cent annually versus the 8.8 per cent rise in June. Economists had forecast the index to rise again by 8.8 per cent.
Higher prices of crude oil prices, thermal coal and related products raised producer prices, Dong Lijuan, an official with NBS, said.
