China’s factory-gate price index tumbled deeper into deflation in June, while the country’s consumer prices were flat on year, official data showed Monday.
The producer-price index fell 5.4% from a year earlier in June, compared with a 4.6% decline in May, the National Bureau of Statistics said.
The reading, the weakest since December 2015 when the PPI fell 5.9% on year, was lower than the 5.0% fall expected by economists surveyed by The Wall Street Journal.
On a monthly basis, China’s PPI fell 0.8% in June, compared with May’s 0.9% decline, the statistics bureau said.
Meanwhile, China’s consumer-price index remained unchanged from a year earlier in June, easing from a 0.2% increase in May.
The result undershot the 0.2% increase anticipated by the surveyed economists.
Food prices rose 2.3% on year in June, higher than a 1.0% increase in May. Vegetable prices increased by 10.8%, reversing a decline in May. Pork prices fell 7.2% in June, down from a 3.2% decline in May.
Non-food prices fell 0.6% on year in June after staying flat in May.
On month, China’s CPI fell 0.2% in June, the same pace as in May, marking a fifth straight month of decline, according to the data.
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July 10, 2023 at 08:54AM
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China’s factory-gate price index tumbles deeper into deflation in June - MarketWatch
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