China's July consumer prices jump faster than expected, producer deflation persists

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BEIJING: China's consumer prices rose at a faster-than-expected rate in July, while producer deflation persisted, as Beijing ramps up support for its frail consumer sector in the face of a sputtering economic recovery.

Consumers have largely shunned incentives to revive consumption, as a prolonged housing downturn, job insecurity and a wall of local government debt inhibit them from purchases of especially big-ticket items.

High temperatures and rainfall in some areas last month pushed up food prices, partly contributing to the monthly return to growth, said NBS statistician Dong Lijuan.

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Category: EconomyBusiness

Markets: MalaysiaChinaNamibiaPhilippines

Topics: /Business/Business News CPI Economy PPI Consumer price index

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Article Type: News Report

Published On: 2024-08-09 @ 10:04:00 (3 hours ago)

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News Source URL: thestar.com.my

Language: English

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