China’s consumer prices pick up more than expected in July, up by 0.5%

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China’s consumer prices pick up more than expected in July, up by 0.5%

China’s retail sales grew by 2% in June from a year ago. Data for July is due out Thurs. Aug. 15. Pictured here is a shopping mall in Beijing on Aug. 7, 2024.

Pedro Pardo | Afp | Getty Images

BEIJING — China’s consumer prices rose by a more-than-expected 0.5% in July from a year ago, according to data from the National Bureau of Statistics released Friday.

Analysts polled by Reuters had expected a slight pickup in the consumer price index to 0.3% in July from a year ago, versus 0.2% in June.

The producer price index for July fell by 0.8% from a year ago. That was slightly less than the 0.9% forecast decline, and unchanged from June’s 0.8% drop.

China on Wednesday reported imports rose by a stronger-than-expected 7.2% in July from a year ago, while exports missed forecasts with 7% growth.

Exports have otherwise been a bright spot amid slower economic growth.

Retail sales grew by a muted 2% in June from a year ago. Authorities have since expanded a trade-in program in an effort to boost consumer purchases of cars, home appliances and certain other products.

China is due to report retail sales, industrial production and other data for July on Thursday.

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