China Consumer Inflation Reaches 2-Year High as Pork Surges
- CPI increases 2.7% in July as pork prices jump 20% on year
- Slowdown in core inflation shows demand remains weak
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China’s consumer inflation accelerated in July to the highest level in two years, largely due to surging pork costs, while weak consumer demand kept overall price pressures in check.
The consumer price index rose 2.7% last month from a year earlier as pork prices surged 20.2%, National Bureau of Statistics data showed Wednesday. The pickup in CPI was lower than the 2.9% median estimate in a Bloomberg survey of economists and compares with 2.5% growth in June.