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China’s Inflation Cools as Producer Prices Post First Decline in Eight Months

July 9, 2021 by Forex Winner Leave a Comment

China’s Inflation Cools as Producer Prices Post First Decline in Eight Months

China’s inflation cooled in June, with producer prices posting the first monthly decline in eight months.

  • The producer price index grew 8.8% in June, following the 9% peak recorded in May. This is the first monthly decline since October 2020.
  • The consumer price index rose 1.1%, slower than 1.3% in May.
  • The decline is in line with the drop in both input and output prices in the manufacturing purchasing managers’ index for the month.
  • The moderation could also be partly due to base effects, with the PPI at -3.0% and the CPI at 2.5% in June 2020.
  • Producer goods prices climbed 11.8% versus the previous month’s 12.0%, while consumer goods prices grew only 0.3% compared with May’s 0.5%.
  • Consumers did not feel the rise in producer prices, due to strong competition among firms and the slow pickup in the local consumer spending.
  • Economists expect the PPI to slow further and the CPI to climb in the remaining months of the year.

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