China CPI advances 2.3 percent in July; matches economists’ estimates

Nathan Andrada – Fourth Estate Cooperative Contributor

Beijing, China (4E) – Inflation rate in China increased 2.3 percent in July on an annual basis, according to government data released Saturday. The figure continues to be stable, which provides space for Beijing to further boost economic growth if needed.

The consumer price index (CPI), which is a main measure of inflation, also climbed by 2.3 percent in the first seven months of this year from the same period in 2013, according to the National Bureau of Statistics (NBS) report.

The CPI had climbed 2.3 percent in June, down after May’s four-month high reading of 2.5 percent.

The figure in July is in line with the economists’ median forecast of 2.3 percent, and well below the government’s annual target of 3.5 percent set in March.

Overall food prices pushed inflation up in July, climbing 3.6 percent from the year-ago month, the NBS report showed. Prices of fresh fruit prices advanced 20.1 percent.

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