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China's CPI up 2.8% in July

Updated: Aug 09,2019 10:26 AM    Xinhua

BEIJING — China's consumer price index (CPI), a main gauge of inflation, rose 2.8 percent year-on-year in July, up from 2.7 percent in June, the National Bureau of Statistics said on Aug 9.

The reading beat market expectations of 2.7 percent. On a month-on-month basis, consumer prices edged up 0.4 percent last month.

Food prices grew 9.1 percent year-on-year last month, up from 8.3 percent in June, while nonfood prices gained 1.3 percent, 0.1 percentage points lower than that of June.

Pricey fruits and pork continued to be the major factors behind the higher inflation rate, said NBS official Dong Yaxiu.

Prices of fruits surged 39.1 percent year-on-year, contributing 0.63 percentage points to July's CPI. Pork prices continued the upward trend last month due to tight supplies, jumping 27 percent year-on-year and 7.8 percent month-on-month.

The CPI in urban and rural areas registered a year-on-year growth of 2.7 percent and 2.9 percent, respectively.

In the first seven months, consumer prices rose 2.3 percent from a year earlier on average, the bureau said.

The data also showed that China's producer price index, which measures costs for goods at the factory gate, fell 0.3 percent year-on-year in July.