China’s consumer price index (CPI) in July rose slightly higher than markets expected, the country’s National Bureau of Statistic (NBS) data released showed on Friday.
The CPI rose 2.8% from a year ago in July, compared with the 2.7% increase markets had previously expected. It was the highest reading since February 2018.
Dong Yaxiu, director at the NBS, said increasing prices of pork and fresh fruit contributed to the high CPI in July.
Pork prices rose by 27% year-on-year, while fresh fruits jumped 39.1% during the month.
Pork is the single-largest element in the basket of consumer goods used to calculate CPI.
The producer price index (PPI) fell 0.3% from a year ago during the month, according to the data. Markets expected the number to remain unchanged.
