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China Inflation June 2022

China: Consumer price inflation comes in at highest level since July 2020 in June

Consumer prices were unchanged in June over the previous month, following May’s 0.20% fall, with higher transport prices offset by lower food prices.

Consumer inflation came in at 2.5% in June, which was up from May’s 2.1%. June’s result was the highest inflation rate since July 2020. Meanwhile, the trend pointed up mildly, with annual average inflation coming in at 1.5% in June (May: 1.4%). Finally, producer price inflation fell to 6.1% in June, from the previous month’s 6.4%.

Consumer price inflation is expected to trend up somewhat over the next few quarters as domestic demand recovers, but will likely stay mild by regional standards. Meanwhile, producer price inflation should continue to trend down on a base effect—given increasingly high producer price inflation readings as last year progressed—and as domestic supply difficulties ease.

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