Inflation in China hit a two-year high in July, driven by surging pork prices, according to official data released Wednesday.
The headline consumer price index rose by 2.7% in July, missing forecasts of a 2.9% increase. Pork prices rose 20.2% year on year – the first increase since September 2020.
Fresh fruit and vegetable prices also jumped in July, up by 16.9% and 12.9% from a year ago, respectively, according to the National Bureau of Statistics.
Producer price inflation, meanwhile, slowed to 4.2% in July from 6.1% in June as commodity prices weakened.
Core inflation, which excludes the volatile prices of food and energy, slowed to 0.8% in July.
Reporting by Frank Prenesti at Sharecast.com
