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<\/p>\nChina’s consumer prices stabilized in June as energy and commodities prices eased, official data showed on Thursday.<\/p>\n
The consumer price index (CPI), a key measure of inflation, rose 1.0% year-on-year in June, 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 two percent 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 U.S.-Iran tensions could deliver some renewed upward pressure on inflation in the near-term,” Evans-Pritchard wrote in a note.<\/p>\n
U.S. 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 U.S.-Iran tensions will “remain limited to a few narrow areas and inflation still looks set to return near zero once energy supply normalizes.”<\/p>\n
The June producer price index (PPI), which measures wholesale inflation, increased by 4.1% on a yearly basis, 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
<\/p>\n
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