China’s consumer inflation edged up last month, data released on Wednesday showed, but producer prices continued to ease, reports the South China Morning Post. The consumer price index (CPI) rose by 2.7% in July from a year earlier, up from 2.5% in June, the National Bureau of Statistics said on Wednesday.
This was below expectations, with CPI having been expected to increase by 2.9% last month, according to Chinese financial data provider Wind. China has set a consumer inflation target of “around 3%” for the whole of 2022.
The producer price index (PPI), which reflects the prices that factories charge wholesalers for products, rose by 4.2% in July year on year, down from 6.1% growth in June.