China’s consumer prices stabilised in June as energy and commodities prices cooled, official data showed today.<\/p>\n
The consumer price index (CPI), a key measure of inflation, rose last month 1% year-on-year, edging lower from 1.2% in May, data from the National Bureau of Statistics showed.<\/p>\n
It fell slightly below a Bloomberg forecast of 1.1%.<\/p>\n
However, last month’s CPI was still well below the government’s 2% target for the year.<\/p>\n
“Factors such as imported international price pressures contributed to a slowdown in the rate of increase for domestic industrial consumer goods prices,” according to Dong Lijuan, chief NBS statistician.<\/p>\n
The growth rates of prices for gold jewellery and gasoline also eased, Dong added.<\/p>\n
The uptick in Chinese inflation caused by the Iran war “continued to unwind in June, amid lower prices for oil and many other commodities”, said Julian Evans-Pritchard, head of China economics at Capital Economics.<\/p>\n
“The latest escalation in US-Iran tensions could deliver some renewed upward pressure on inflation in the near-term,” Evans-Pritchard wrote in a note.<\/p>\n
US President Donald Trump ordered new strikes on Iran on Wednesday and warned of “much worse” if Tehran continues to attack vessels in the vital Strait of Hormuz.<\/p>\n
He said earlier that a ceasefire with Iran was over, prompting mediators Pakistan and Qatar and the United Nations to call for de-escalation.<\/p>\n
But Evans-Pritchard added that the impact of an escalation of US-Iran tensions will “remain limited to a few narrow areas and inflation still looks set to return near zero once energy supply normalises”.<\/p>\n
The June producer price index (PPI), which measures wholesale inflation, increased by 4.1% year-on-year – up from 3.9% in May – and was in line with Bloomberg’s forecast.<\/p>\n
The figure marked the quickest pace since July 2022, when the PPI came in at 4.2%.<\/p>\n
The gauge had been in negative territory since that October and did not reverse until March this year.<\/p>\n
The steady rise was partly driven by industries like coal mining and electrical machinery manufacturing “experiencing price increases”, NBS’ Dong said.<\/p>\n","protected":false},"excerpt":{"rendered":"China’s consumer prices stabilised in June as energy and commodities prices cooled, official data showed today. The consumer…\n","protected":false},"author":2,"featured_media":543831,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60],"class_list":["post-543830","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/543830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=543830"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/543830\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/543831"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=543830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=543830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=543830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}