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China’s consumer price index (CPI), a key measure of inflation, was lower than expected at 2.7 per cent year-on-year in July, official news agency Xinhua reported on Friday.
Analysts had expected inflation of 2.8 per cent.
The CPI was well below the government’s target for the year of 3.5 per cent, Xinhua said.
The National Bureau of Statistics attributed inflation mainly to rises in food prices on a year-on-year basis. Food makes up around one third of the index.
Xinhua quoted Yu Qiumei, a senior statistician with the bureau, as saying that China’s consumer prices have stayed relatively stable.
“Compared on a monthly basis, the July CPI grew 0.1 per cent from June, and food prices in July also stayed flat from a month ago,” Yu said.
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