Published on: Saturday, July 10, 2021
By: AFP
A vendor cuts meat at a market in Shenyang, in China s northeastern Liaoning province.
BEIJING: China’s consumer inflation eased in June on the back of falling pork prices, official data showed Friday, although factory gate costs remained elevated after a recent surge in commodity prices.
The world’s second largest economy has largely bounced back from the coronavirus hit, and factory gate inflation began to ease last month after surging at the highest rate in more than a decade earlier in the year as commodity prices spiked.
Factories so far appear to be absorbing the costs rather than passing them on to consumers, and analysts expect Beijing to protect shoppers from rising costs.
Diesel spikes to N290 per litre amid rally in global crude oil prices thecable.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thecable.ng Daily Mail and Mail on Sunday newspapers.
1 2021-07-09 09:48:57Xinhua
Editor : Zhang Mingxin
ECNS App Download
China s consumer price index (CPI), a main gauge of inflation, rose 1.1 percent year on year in June, data from the National Bureau of Statistics showed Friday.
Related news
China CPI Slows To 1.1% On Year In June
BEIJING (dpa-AFX) - Consumer prices in China were up 1.1 percent on year in June, the National Bureau of Statistics said on Friday.
That was shy of expectations for an increase of 1.3 percent, which would have been unchanged from the May reading.
On a monthly basis, consumer prices fell 0.4 percent - again missing expectations for a flat reading following the 0.2 percent decline a month earlier.
The bureau also said that producer prices were up 8.8 percent on year - in line with expectations and slowing from 9.0 percent in the previous month.
Copyright RTT News/dpa-AFX
Stella QiuRyan Woo
5 minute read
Copper rods are seen at Truong Phu cable factory in northern Hai Duong province, outside Hanoi, Vietnam, August 11, 2017. REUTERS/Kham/File Photo
Summary
Data suggest limited pass-through of prices to consumers
Govt concerned of impact on small firms, policy easing possible
June PPI +8.8% y/y vs May s more than a decade high of 9.0%
June CPI +1.1% y/y vs +1.3% poll, +1.3% in May
BEIJING, July 9 (Reuters) - China s factory gate inflation eased in June after a government crackdown on runaway commodity prices, but the annual rate stayed uncomfortably high and underlined growing strains on the economy as Beijing tries to bolster a post-coronavirus revival.