China July consumer inflation slumps on slower food prices
China's consumer price inflation accelerated at its weakest tempo for six months because food prices edged up at a slower pace, though the long drop in upstream prices kept moderating.
In July, the consumer price index or simply CPI headed north 1.8% from a year earlier, compared to a 1.9% surge in June, the National Bureau of Statistics told on Tuesday, the slowest tempo since January's 1.8%. Analysts surveyed by Reuters had expected a 1.8% revenue.
Consumer inflation stood below China's official target of about 3% this year, notwithstanding concerns that severe summer flooding, that disrupted public infrastructure as well as agricultural production, would spur inflationary pressures.
China's July trade data issued on Monday revealed domestic demand from industrial sectors appeared to be weaker than previously expected, while exports kept dropping as global demand tumbled.
However, there’re obvious signs consumer goods sales are holding up. For instance, Kantar Worldpanel, a consumer sector research group, published a survey that revealed fast moving consumer goods, including perishables, surged 4.6% in China during the second quarter from a year earlier.