China's June CPI Up 1% Year-on-Year, Below Expectations; PPI Up 4.1% for 4th Consecutive Month

(CNA, Shanghai, July 9) -- Latest data from China's National Bureau of Statistics shows that China's Producer Price Index (PPI) rose 4.1% year-on-year in June, marking the fourth consecutive month of increase and meeting market expectations. The Consumer Price Index (CPI) rose 1% year-on-year, with the growth rate slowing and falling below expectations.

According to data released by China's National Bureau of Statistics on July 9, the PPI in June decreased by 0.3% month-on-month, compared to a 0.5% increase in May. The PPI in June increased by 4.1% year-on-year, compared to a 3.9% increase in May. According to The Wall Street Journal, this data met economists' expectations.

The report indicates that the PPI's consecutive four-month rise suggests that the Chinese economy has largely emerged from the 41-month period of PPI decline that began in October 2022.

Data from China's National Bureau of Statistics also shows that the CPI in June decreased by 0.3% month-on-month, following a 0.1% decrease in May, marking two consecutive months of decline. The CPI in June increased by 1.0% year-on-year, compared to a 1.2% increase in May, with the growth rate further slowing and also falling below economists' expectations of a 1.2% year-on-year increase. Among these, prices for food, tobacco, and alcohol, as well as dining out, decreased by 0.8% year-on-year. Pork prices fell by 15.9%, while egg prices rose by 16.0%.

Dong Lijuan, chief statistician of the urban division at the National Bureau of Statistics of China, stated that while demand increased in some industries, influenced by factors such as the decline in international crude oil prices, the PPI in June decreased by 0.3% month-on-month and increased by 4.1% year-on-year.

Dong Lijuan further explained that the CPI's 0.3% month-on-month decrease in June was mainly affected by fluctuations in international market prices. Gold jewelry and gasoline prices fell by 8.7% and 4.9% respectively. Food prices decreased by 0.4%, especially as seasonal fruits came into abundant supply, leading to ample market supply. Prices for fresh vegetables and fresh fruits decreased by 1.0% and 2.0% respectively. (Editor: Chou Hui-ying) 1150709

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