July Year-on-Year CPI Growth Eases Back to 1.4%

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The latest official data indicates that China’s consumer price index saw a year-on-year gain of 1.4% in July, for a growth slowdown of 0.1 percentage points compared to June.

China’s CPI increase in July compared to June was 0.1%, reversing two successive months of month-on-month decline.

According to official data urban CPI saw a gain of 1.5% in July, while rural village CPI increased 1.0%.

Non-food prices accounted for the king’s share of the CPI increase with a gain of 2.0%. Consumer good prices increased by 0.5%, while service prices rose by 2.9%.

Food, alcohol and tobacco prices saw a year-on-year decline of 0.1%, holding back CPI by 0.04 percentage points.

Meat prices saw a decline of 9.8%, with pork prices plunging 15.5%, holding back CPI by 0.49 and 0.46 percentage points respectively.

A 4.9% decline in egg prices held back CPI by 0.03 percentage points, while a 9.1% in vegetable prices and 4.3% increase in seafood prices contributed to CPI increases of 0.20 percentage points and 0.08 percentage points respectively.

Medical treatment and healthcare prices rose 5.5% year-on-year in July, while accommodation, education, culture and entertainment prices rose 2.5%.

Clothing, other goods and services, and daily goods and services saw price gains of 1.4%, 1.3% and 1.1% respectively, while transportation and communications costs fell by 0.2% year-on-year.

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