Inflation in China soared 2.8% in July

Beijing, Aug 9 (IANS) China’s consumer price index, the main indicator of inflation, increased 2.8 per cent year-on-year in July, 0.1 per cent more than the two previous months, marking the highest rate so far this year, official figures showed on Friday.

As in the case of June, the increase was driven by food prices, which rose 9.1 per cent, the National Bureau of Statistics figures revealed.

In this section, prices of fresh fruits registered an increase of 39.1 per cent year-on-year (although it was 6.2 per cent lower than in the previous month), while the price of pork – which has a high demand in China – increased by 27 per cent (7.8 per cent more than June) and the cost of eggs rose 10.9 per cent, reports Efe news.

The increase in non-food prices was 1.3 per cent, 0.1 per cent less than the previous month. Prices in the services, health and education, and culture and entertainment sectors increased by 3.4 per cent, 2.6 per cent and 2.3 per cent, respectively.

In the healthcare sector, traditional Chinese medicine recorded a rise of 4.7 per cent, compared to 4.5 per cent witnessed by so-called “Western medicine”.

Clothing prices increased by 1.8 per cent year-on-year, housing by 1.5 per cent, and real estate and property services by 0.8 per cent.

On the other hand, prices in transport and communications fell by 2.1 per cent year-on-year, with fuel accounting for a major part of it as its prices fell 9 per cent. The overall inflation for the first seven months of the year was 2.3 per cent year-on-year.

–IANS
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