(Yicai Global) July 10 -- China's both national consumer price index (CPI) and producer price index (PPI) fell in June month-on-month, per the latest data released by National Bureau of Statistics (NBS) today.
The CPI slipped 0.2 percent last month, NBS data show. The monthly decline widened by 0.1 percentage point compared with the previous month, said Sheng Guoqing, a senior data analyst at the NBS. In particular, food prices edged down one percent on falling fresh food prices, which translated into a 0.2 percentage point slowdown in CPI growth.
Last month, China's CPI rose 1.5 percent year-on-year, of which 1.2 percentage points were driven by the carryover effect from price changes last year, and the remaining 0.3 percentage point was contributed by price rises this year. The core CPI (after discounting food and energy prices) surged 2.2 percent year-on-year, 0.1 percentage point higher than that recorded for May.
The PPI fell 0.2 percent in June month-on-month, but grew 5.5 percent year-on-year, the NBS data reveal. The monthly decline trend continued, with the decrease narrowed by 0.1 percentage point compared with the month earlier, Sheng noted. Producer prices slipped 0.2 percent, marking a 0.2 percentage point slowdown in monthly price fall.
Looking at the year-on-year data, the PPI jumped 5.5 percent last month. It is estimated that 4.7 percentage points of the 5.5 percent monthly growth are attributed to the carryover effect, and the remaining 0.8 percentage point resulted from price rises this year.