Inflation in China showed the highest growth in two years

China’s consumer price index rose 2.7% in July compared to July 2021, the sharpest increase in the index since July 2020. As follows from the official statistics, published by the State Statistical Office of the PRC, inflation accelerated due to a rise in food prices by 6.3%, and primarily for pork, prices for which soared by 20.2%, as well as for fruits and vegetables, which rose by 16%. .9% and 12.9% respectively compared to July 2021. At the same time, the increase in pork prices in July compared to June was a record – 25.6%. Analysts attribute this to the fact that in June, when pork prices fell, farmers held back the number of pigs, not letting animals for meat, in order to wait for the rise in prices for it.

Prices for non-food products in July increased by 1.9% compared to July 2021. The prices for gasoline, diesel fuel and liquefied petroleum gas showed the greatest growth — by 24.6%, 26.7% and 22.4%, respectively. According to analysts, inflation is already close to peak rates. How declared According to the South China Morning Post, Huang Zichun, China specialist at Capital Economics, “this figure is still very low by global standards and we believe that consumer inflation is close to peaking and will decrease in the coming quarters.”

Growth index Producer prices in July amounted to 4.2%, this figure slows down growth for the ninth consecutive month, in June it rose by 6.1%. According to the same analyst, this indicator “will move on a declining trajectory until the end of the year as commodity prices continue to fall and supply disruptions ease.”

Alena Miklashevskaya