China’s consumer inflation slightly improves in July amid Beijing’s spending drive
- China’s consumer price index (CPI) grew by 0.5 per cent in July, while the producer price index (PPI) fell in line with expectations
China’s consumer price growth rose more than expected in July, rebounding to a five-month high, at a time Beijing is desperate to have consumers spend to boost the economy.
The reading beat the expected 0.29 per cent growth projected by economists polled by Chinese financial data provider Wind.
Amid an overall economic slowdown, consumers in China remain unwilling to spend due to a prolonged property slump and a bleak job market, with the CPI having stagnated around zero since April last year.
On a month-on-month basis, China’s CPI in July rose by 0.5 per cent following a 0.2 per cent decrease in June, according to the NBS.
According to NBS data, consumer demand continued to recover last month while faced with the impact of rainfall and high temperatures.