China expects to hit 3% consumer inflation target this year
The number two world’s economy, China is confident enough of reaching its official consumer inflation target of about 3% this year, the country's major economic planner disclosed on Tuesday.
The National Development and Reform Commission or NDRC for short informed via an online statement that the average growth of consumer inflation in the second half of 2016 is going to ease from the first six months.
Besides this, The National Development and Reform Commission added that drops in the producer price index or PPI will go down too during the second half of this year.
As for the consumer price index also known as CPI, it climbed up 1.8% in July from a year earlier, compared with June’s 1.9% ascend, and matching this year's minimum hit in January.
In July, the PPI or producer price index edged down 1.7% from a year ago. The given outcome has appeared to be significantly smaller compared to June's 2.6% drop.