Economic news

China’s June consumer inflation misses expectations amid weak demand

2024.07.09 22:34

BEIJING (Reuters) -China’s consumer prices grew for a fifth month in June but missed expectations, while producer price deflation persisted, as government support measures set a bumpy recovery in motion for the world’s second-largest economy.

Beijing has sought to revive consumption after a stuttering post-COVID recovery but concerns are lingering over more fundamental issues including a protracted housing downturn and job insecurity. That has dented consumer and industrial activity and reinforced calls for more effective policies.

The consumer price index (CPI) in June rose 0.2% from a year earlier, against a 0.3% rise in May, the slowest pace in three months, data from the National Bureau of Statistics (NBS) showed on Wednesday, below a 0.4% increase predicted by economists in a Reuters poll.

“The risk of deflation has not faded in China. Domestic demand remains weak,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.

Food prices fell even more, despite supply disruptions caused by bad weather, underlining soft demand.

Food prices fell 2.1% year-on-year, compared with a 2% decline in May. Notably, fresh vegetable prices tumbled 7.3%, down from May’s 2.3% reading, and a decline in fresh fruit prices deepened to 8.7% from 6.7% in May.

© Reuters. FILE PHOTO: A woman selects a bowl at a supermarket in Beijing, China December 14, 2018. REUTERS/Jason Lee/File Photo

CPI edged down 0.2% month-on-month, versus a 0.1% drop in May and worsening from an expected 0.1% fall.

The producer price index (PPI) fell 0.8% in June from a year earlier, less than a 1.4% decline the previous month, and matched a forecast 0.8% fall. The fall in the PPI was the smallest in 17 months.



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