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MNI BRIEF: China June CPI At Near 2-Yr High, PPI Over 1-Yr Low

MNI (Singapore)

China's June consumer price index rose 2.5% y/y, accelerating from May's 2.1%, hitting the highest level since July 2020, also beating a 2.4% forecast. The increase was driven in part by the low comparison base same period last year, data from the National Bureau of Statistics on Saturday showed.

Core CPI, excluding food and energy prices, rose 1.0% y/y, expanding by 0.1 percentage point from May. On a monthly basis, CPI increased 0.0% as food prices fell on sufficient supply, improved logistics, and less stockpiling needs, compared with the previous 0.2% decline.

The producer price index measuring factory gate prices further eased for the eighth straight month to 6.1% y/y from May's 6.4%, hitting the lowest since April 2021, though higher than the 6.0% forecast, mainly due to a higher comparison base last year. On a monthly basis, PPI rose 0.0%, decelerating from May's 0.1% as prices in metal, non-metallic mineral products declined with less demand for steel and cement amid slower investment growth, the NBS said.

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