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China's CPI picks up in July, PPI growth falls

(Xinhua)
Updated: 2010-08-11 14:11

BEIJING - China's consumer price index (CPI), one of the main gauges of inflation, rose to its highest level this year boosted by rising food prices. [China's July CPI rises 3.3%]

The CPI gained 3.3 percent in July from a year earlier, 0.4 percentage points higher than in June, the National Bureau of Statistics (NBS) said Wednesday. It has exceeded the 3-percent full-year target ceiling the government set in March.

Related readings:  China's July CPI rises 3.3%  China's CPI to stand 3% this year: NDRC  Wages to be pegged to CPI  China's June CPI rises 2.9%

Food prices, which account for about a third of the weighting in calculating the CPI, climbed 6.8 percent in July, compared with June's increase of 5.7 percent.

The CPI gained 2.7 percent year on year in the first seven months of this year, 0.1 percentage points higher than the January-June figure, the NBS said.

The producer price index, a major measure of inflation at the wholesale level, grew 4.8 percent year on year in July, 1.6 percentage points lower than in June, the NBS said.