China Consumer Prices Reach Highest Level Since July 2020 (Supplement)

[Asia Economy Senior Reporter Cho Young-shin] China's consumer price index (CPI) inflation rate in July has once again reached a new high.

China's National Bureau of Statistics announced on the 10th that last month's CPI inflation rate rose 2.7% compared to the same month last year. This is the highest level in 24 months since July 2020, when it was also 2.7%. The Chinese authorities' CPI inflation target for this year is around 3%.

China's CPI recorded 0.9% in January and February, followed by 1.5% in March, 2.1% in April and May, and 2.5% in June, showing a monthly upward trend.

The National Bureau of Statistics analyzed that prices, mainly of food, have risen, driving up inflation.

In fact, food prices last month led the CPI increase by rising 6.3% compared to the same month last year. Prices of fruits and vegetables rose 16.9% and 12.9% respectively year-on-year, directly impacting China's consumer prices.

Additionally, grains, eggs, and vegetable oils showed increases ranging from 3.4% to 7.4%.

Among non-food items, energy-related products such as gasoline rose significantly. Gasoline increased 24.6%, diesel 26.7%, and LPG 22.4% compared to the same month last year.