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China's July PPI Beats Forecast with 9% Rise, CPI Up 1%

Date: 2021-08-10
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China's factory gate inflation rose faster than expected in July due to oil and coal price hikes while consumer inflation eased slightly last month, according to official data released on Monday.

The producer price index (PPI) grew by 9 percent year on year in July, a little higher than a Reuters analyst poll that expected the PPI to rise by 8.8 percent, unchanged from June.

The PPI, a benchmark gauge of a country's industrial profitability, inched up 0.5 percent on a monthly basis, mainly due to the price hike of oil and coal, according to an analysis post online by National Statistics Bureau.

The prices of steel and non-ferrous metal have slightly dropped, showing the initial effect of China's policy of ensuring supply and stabilizing prices in the commodity sector, the analysis post said.

Meanwhile, the consumer price index (CPI) grew by 1 percent year on year last month, after a 1.1-percent gain in June, slightly higher than Reuters' poll of 0.8 percent.

China's economy has largely recovered from disruptions related to the pandemic, and more trips resumed during the summer holiday. Therefore, prices of flights, traveling and accommodation roseby 24.3 percent, 7.3 percent and 3.8 percent respectively, official data showed.

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