Guangzhou (JLC), August 9, 2024 – China's consumer price index (CPI), a main gauge of inflation, rose 0.5% year on year in July, posting a year-on-year growth for a sixth straight month, data from the National Bureau of Statistics (NBS) showed.
On a month-on-month comparison, the CPI also gained 0.5% in July, the NBS data showed.
The month-on-month growth was partly driven by food prices, which were boosted by high temperatures and rainfall in some areas, according to Dong Lijuan, an NBS statistician.
Meanwhile, summer travel also contributed to the growth, with prices of air tickets, tourism and hotel accommodation rising 22.1%, 9.4% and 5.8%, respectively, from the previous month.
The core CPI, which excludes food and energy prices, went up 0.4% year on year in July, according to Dong.
In January-July, the CPI rose 0.2% year on year, the NBS data showed.
Factory-gate price deflation persists
China's producer price index (PPI), which measures factory-gate goods prices, fell 0.8% year on year in July, unchanged from the rate recorded in the previous month, the NBS data showed.
On a month-on-month comparison, the PPI dropped 0.2% in July, maintaining the same rate of decline as in June, the NBS data indicated.
In January-July, the PPI dropped 2.0% from the same period last year, the NBS data showed.
