Saturday, 23 September 2023 11:04 GMT

China's yearly inflation level increased to 2.7 percent in July, quickest surge in two years

(MENAFN) China's annual inflation rate increased to 2.7 percent last month from 2.5 percent in the months, the quickest surge in consumer costs since July 2020, with pork costs increasing 20.2 percent annually, as stated by the nation’s National Bureau of Statistics on Wednesday.

The number was under market estimates of 2.9 percent, whereas China has a 3 percent inflation aim for 2022.

Food costs rose 6.3 percent against 2.9 percent in the month before, the largest in 22 months.

Non-food costs surged by 1.9 percent last month, 0.6 percentage points down than the prior month.

Between them, the costs of gasoline, diesel, as well as liquefied petroleum gas increased by 24.6 percent, 26.7 percent, as well as 22.4 percent, individually, all of which dropped back.

On a monthly basis, consumer costs increased 0.5 percent last month according to market estimates.

Unlike the US and additional main economies, inflation in China stayed down this year heavily because of zero-COVID procedures that reduced consumer and business spending.


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