Anika Begay
China’s retail sales rose 2% in June from a year earlier. July data will be released on Thursday, August 15. Pictured is a shopping mall in Beijing on August 7, 2024.
Pedro Pardo | Afp | Getty Images
BEIJING — China’s consumer prices rose 0.5 percent more than expected in July from a year earlier, boosted by a surge in pork prices, according to data from the National Bureau of Statistics released Friday.
Analysts polled by Reuters had expected the consumer price index to rise slightly to 0.3% in July from a year earlier, from 0.2% in June.
The 0.5 percent increase in the consumer price index (CPI) in July was the highest since a 0.7 percent increase in February, according to official data accessed by Wind Information. China’s most important holiday of the year, the Lunar New Year, fell in February this year.
Pork prices, a staple food widely consumed in China, rose 20.4% year-on-year in July, the biggest increase since December 2022, according to Wind.
Pork prices play a significant role in China’s consumer price index, but can be subject to wild fluctuations due to disease or other factors affecting production.
Core CPI, which excludes food and energy prices, rose 0.4% year-on-year in July, down from 0.6% in June.
The producer price index fell 0.8% in July from a year earlier. That was slightly less than the expected 0.9% decline and unchanged from June’s 0.8% decline.
China reported on Wednesday that imports rose 7.2% in July, more than expected from a year earlier, while exports missed forecasts, posting growth of 7%.
Exports were otherwise a positive development in a context of slower economic growth.
Retail sales rose a modest 2% in June from a year earlier. Since then, officials have expanded a trade-in program in an effort to boost consumer purchases of cars, appliances and other products.
China will release retail sales, industrial production and other data for July on Thursday.
This is breaking news. Check back for updates.
