Consumers shop at a supermarket in Zhengzhou, China, on June 12, 2024.
Noor Photo | Noor Photo | Getty Images
BEIJING – China’s consumer price inflation rose 0.2 percent in June from a year earlier, missing expectations, while producer prices fell in line with expectations, according to data from the National Bureau of Statistics. National Bureau of Statistics And showed up on Wednesday.
China’s consumer price index is expected to rise 0.4% year-on-year in June, according to a Reuters poll.
The producer price index, which measures factory prices, fell 0.8% from a year ago – in line with expectations.
The core consumer price index, which excludes more volatile food and energy prices, rose 0.6% year-on-year in June, slightly slower than the 0.7% increase in the first six months of the year.
The risk of deflation in China has not dissipated, as domestic demand remains weak.
Chewy Chang
Chief Economist at Pinpoint Asset Management
Pork prices rose 18.1% in June from a year earlier, while beef prices fell 13.4%. Tourism prices rose 3.7% year-on-year in June, down 0.8% from May.
“The risk of deflation has not diminished in China. Domestic demand remains weak,” said Chui Zhang, president and chief economist at Pinpoint Asset Management, in a note.
He added that China will rely on exports to support growth in the first half of the year.
The country is due to release trade data for June on Friday.
Weak domestic demand in China has kept inflation low, in contrast to major economies like the United States where prices have remained high.
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