Shanghai (China) (Globe Live Media) – The consumer price index (CPI), the main indicator of inflation in China, increased by 2.7% year-on-year in July.
For its part, the producer price index (IPP), which measures wholesale prices, grew by 4.2%, according to official data published today by the National Statistics Office (ONE).
The CPI had advanced by 2.5% in June, the month in which the IPP rose by 6.1%, so the figure for July is 0.2 points higher in the case of the former and 1.9 lower in the case of the of the second.
In both indicators, the result is lower than expected by analysts, who forecast a rise of 2.9% for consumer prices and 4.8% for wholesalers.
According to ONE, the rise in the CPI is mainly due to the evolution of food prices such as pork, while in the case of industrial prices, it attributes the situation to “multiple national and international factors.”
In March, the authorities once again set a target of 3% for the CPI advance in 2022.
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.