China’s producer price index (PPI) rose 4.7% year-on-year in June, its highest rate this year, according to data from China’s National Bureau of Statistics, exceeding market expectations.
The increase was driven by a low base and rising costs of oil imports, the report showed. The monthly change was 0.3%, slowing slightly from May’s 0.4% expansion.
The consumer price index (CPI) rose in line with market forecasts at 1.9% y/y, accelerating slightly from 1.8% in May. Analysis of the data showed that price increases in health care, education, fuel and rent led the growth.
