[Asia Economy Reporter Donghyun Choi] China's consumer price inflation rate in June reached its highest level in 23 months.
According to the National Bureau of Statistics of China on the 9th, the Consumer Price Index (CPI) in June rose 2.5% compared to the same period last year. This is the highest level in 23 months since July 2020 (2.7%).
China's CPI inflation rate had been relatively low within 2% since November last year, but rose to the 2% range by recording 2.1% in both April and May.
Chinese authorities have set the CPI inflation target at within 3%.
Looking at major food items, prices of fruit (19%), eggs (6.5%), and vegetables (3.7%) increased, while prices of pork (-6%) and seafood (-3.3%) decreased. However, pork prices, which have a significant impact on consumer prices, rose 2.9% compared to the previous month, becoming a factor of inflationary pressure.
Among non-food items, transportation fuel surged 32.8% year-on-year due to the rise in international oil prices.
The consumer price inflation rate for January to June this year recorded 1.7%.
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