China consumer prices rise slightly in June

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BEIJING — China consumer prices edged up in June, official data showed on Wednesday, but fell short of analyst expectations as the country’s economic recovery continues to falter.

The consumer price index rose 0.2 percent year on year in June, down from May’s 0.3 percent and the fifth straight month in positive territory, the National Bureau of Statistics (NBS) said.

While the country emerged from a period of deflation in February, prices have grown at a modest rate, in contrast to other major economies which have seen prices soar once again.

SLOWLY RISING A man shops for fruits and vegetables at a supermarket in Handan, in northern China’s Hebei province, on July 10, 2024. Data from the National Bureau of Statistics on July 10 showed China’s consumer prices slightly increased in June. AFP PHOTO

At the end of 2023, China plunged into deflation for four months, with the sharpest contraction in consumer prices in 14 years in January.

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Bloomberg analysts had predicted a 0.4-percent inflation rate for June.

An ongoing crisis in the real estate sector, which has long accounted for a quarter of the country’s gross domestic product, has dragged down growth.

High youth unemployment, which reached 14.2 percent in May, is also dampening domestic demand.

The NBS said producer prices fell 0.8 percent in June, slightly slower than May’s 1.4-percent decline, continuing a now 20-month downward streak.

The data comes days before the start of a major Communist Party meeting that is expected to put economic recovery high on the agenda.

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