China's CPI in July increased by 2.7% year -on -year

Reporter Ni Hao

Affected by the rise in food prices such as pork and fresh vegetables and seasonal factors, the National Resident Consumption Price Index (CPI) in July increased by 2.7%year -on -year, an increase of 0.2%compared with the previous month, the highest point since July 2020. The data released by Dong Lijuan, a senior statistician of the National Bureau of Statistics of China, showed that 1.12 percentage points from the increase of 2.7%year -on -year from CPI rose from food prices; non -food prices rose 1.9%year -on -year, which was another 1.56 in July. Percent of the pulling factor. Since 2022, China ’s CPI has risen monthly, and has continuously rose from 0.9%in January to break through the“ 1 word ”and“ 2 -character head ”, reaching 2.7%in July.

It is worth noting that in July, the price of pork in food decreased from 6.0%to 20.2%from last month, and the price rose significantly. In addition, the prices of fresh fruits and fresh vegetables have risen significantly, with an increase of 16.9%and 12.9%, respectively. In the influence of international oil prices, domestic gasoline and diesel prices decreased by 3.4%and 3.6%compared with June. But in July last year, the price increase of the three was still the largest, 24.6%, 26.7%, and 22.4%, respectively.

Wu Chaoming, deputy dean of Caixin Research Institute, said in an interview with the Global Times reporter on the 10th that food was the main reason for the expansion of CPI's increase in July. The price of pork is most worthy of attention from decline to rising. He believes that due to the supply side de -capacity and the embarrassment of the pressure bar, but the demand side has gradually recovered, the price of pork rose by 25.6%month -on -month. In addition, the base was low in the same period last year. The pulling effect is increased by 0.35 percentage points.

However, the increase in CPI in July 2.7%is still lower than market expectations. Wu Chaoming said that in terms of non -food, oil prices have risen to high last last, but recently fell, which caused non -food prices to fall by 0.6 percentage points, which is the main reason for the growth rate of CPI in July. In the future, the pork upward cycle opening cycle and the recovery of service consumption demand will all be supported by the CPI. It is expected that the CPI around September will break the "3" year -on -year. Objects of about 3%throughout the year. ▲

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