MNI DATA BRIEF: July China Producer Prices Rebound, CPI Slows

China's producer price index measuring factory gate prices rose 9.0% y/y, accelerating from June's 8.8% gain, and outshining a forecast of 8.8%, according to the National Bureau of Statistics on Monday, while consumer prices slowed.

PPI rose 0.5% m/m, also quickening from 0.3% reported last month, affected by the sharp increase in crude oil prices, as well as coal prices with robust demand amid hot weather.

China's July consumer price index eased to 1.0% y/y from 1.1% in June, registering a three-month low, though more than the forecast 0.8%. The deceleration was partly due to falling food prices led by the declining pork prices, the NBS said. Food prices however did see a rough patch in some areas as typhoon weather along the coast and related heavy rainfall inland pushed up vegetable costs. Core CPI, excluding food and energy prices, was up 1.3% y/y in July, compared with June's 0.9% gain.