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MNI BRIEF: China July CPI At 2-Year High On Rising Pork Prices

MNI (Singapore)

China's July consumer price index rose 2.7% y/y, accelerating from June's 2.5% and hitting the highest level since July 2020, though underperforming a 2.9% forecast, data from the National Bureau of Statistics on Wednesday showed.

The increase was mainly driven by rising pork prices, which rose 20.2% y/y to reverse the previous 6% fall. Core CPI, excluding food and energy prices, rose 0.8% y/y, narrowing by 0.2 percentage point from June. On a monthly basis, CPI increased 0.5%, compared with the previous 0.0%.

The producer price index measuring factory gate prices further eased for the ninth straight month to 4.2% y/y from June's 6.1%, hitting the lowest since February 2021, though lower than the 4.9% forecast. On a monthly basis, PPI fell 1.3%, reversing June's 0.0%, following price falls in global crude oil and non-ferrous metals.

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