Chinese producer price inflation eases in June, but CPI gains accelerate

9th Jul 2022 19:11

(Sharecast News) - Factory gate inflation in the People's Republic of China cooled last month, but continued accelerating at the consumer level.

According to China's National Bureau of Statistics, the rate of increase in producer prices in the world's second-largest economy slowed from 6.4% to 6.1%.

Economists had forecast producer price gains of 6.0% for June.

China's Consumer Price Index on the other hand rose at annual rate of 2.5%, which was faster than the 2.1% rise recorded in May.

June's CPI print was also one tenth of a percentage point more than forecast by economists.

Month-on-month however, CPI was flat (consensus: 0.1%).

The People's Bank of China's annual CPI target is for inflation of around 3.0%.