Economics
China’s Consumer Inflation Hits Two-Year High on Pork Rally
- Factory-gate inflation moderates on cooling commodity prices
- Covid Zero curbs still stifle spending on services: economist
Customers purchase pork at a food market in Shanghai in June.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s consumer prices grew faster than expected in June, partly driven by a rebound in pork prices, although the government’s Covid Zero strategy continued to depress demand. Factory-gate inflation moderated on cooling commodity prices.
Consumer prices grew 2.5% last month from a year earlier, beating economists’ expectations of a 2.4% gain, the National Bureau of Statistics data showed Saturday. That is the strongest pace in two years and compares with 2.1% growth in May.