China’s June Inflation Rate Up By 1.9%: Consumer Price Index

March 16, 2023 2:46 am1 commentViews: 280

The June Consumer Price Index (CPI) of China was recorded to rise by 1.9 percent compared to same month last year, and this is the slowest pace in past six months.

China's June Inflamation Rate Up By 1.9 pc- Consumer Price Index

According to a survey done by The Wall Street Journal the inflation was expected to be at 1.8 percent gain.

In the same month, the Producer Price Index of the country year-over-year declined by 2.6 percent. In the month of May the drop was 2.8 percent compared to same month of a year ago.

The Chinese authorities have targeted the monthly CPI reading at 3 percent in 2016.

Commerzbank AG economist Zhou Hao said the inflation in the country is still soft and the demand is weak.

On Friday the country will be reporting its second-quarter growth it is expected to match or come below the first quarter’s 6.7 percent rate.

Statistics bureau said the prices of pork, fruit and vegetable rose last month at a slower pace.

However, a fruit and vegetable seller in Beijing said the price of pork has doubled compared to the same month in 2015. It is around 23 yuan for 500 grams. This has forced people to spend more carefully as going to restaurant has become a bit expensive now.

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