China's CPI June +2.5%

According to the National Bureau of Statistics (NBS) data released on July 9, China's consumer price index (CPI), a leading indicator of inflation, rose 2.5 percent year on year in June.

On a monthly basis, June's CPI reversed the 0.2 percent decline in May to remain flat due to effective COVID-19 control and a sufficient supply of consumer goods.

Data shows that food prices declined 1.6 percent from May to June, reducing consumer inflation by about 0.3 percentage points.

Non-food prices rose 2.5 percent from a year earlier, compared to the 2.1 percent rise in May, lifting the yearly consumer inflation by about 2.01 percentage points.

The gasoline and diesel prices continued the upward trend with year on year growth of 33.4 percent and 36.3 percent, respectively, while airfare surged by 28.1 percent from a year ago.

Additionally, the data showed that China's producer price index, which measures costs for goods at the factory gate, went up 6.1 percent in June.