CHINA INFLATION QUICKENS IN JUNE

12 Jul 2013 11:19

BEIJING, July 9 (Bernama) -- China's Consumer Price Index (CPI), a measure of inflation, quickened to 2.7 per cent year-on-year in June from May's 2.1 per cent.

The growth was still lower than the government's full-year target of 3.5 per cent.

The National Bureau of Statistics (NBS) said on Tuesday that food prices went up 4.9 per cent month-on-month in June from the 3.2 per cent growth in May.

The rise was slightly above the market forecast of around 2.6 per cent, Xinhua news agency quoted senior analyst on macroeconomics at Bank of Communications Tang Jianwei as saying.

The data also show that China's producer price index (PPI), which measures wholesale inflation, fell 2.7 per cent year-on-year in June, recording the 16th consecutive month of decline compared to a 2.9 per cent year-on-year decline in May.

June's PPI drop also marked the steepest fall in seven months.

China's gross domestic product (GDP) grew 7.7 per cent year-on-year this year, slower than the 7.9 per cent recorded in the fourth quarter of 2012.

The GDP growth also eased to 7.8 per cent last year, the slowest since 1999.

The bureau will report second-quarter GDP figures on July 15.

--BERNAMA

NSW WGM