China's inflation figures fell short of expectations, rising 0.2% in June

Consumers shop for groceries at a supermarket in Qingzhou, China, on June 12, 2024.

Nurphoto | Nurphoto | Getty Images

BEIJING — China's consumer price inflation rose 0.2% in June from a year ago, lower than expected, while producer prices fell in line with forecasts, government data showed. National Bureau of Statistics on Wednesday it turned out.

China's consumer price index is expected to rise 0.4% year-on-year in June, according to a Reuters poll.

The producer price index, which measures factory prices, fell 0.8% from a year ago, in line with expectations.

Core CPI, which strips out more volatile food and energy prices, rose 0.6% year-on-year in June, slightly less than the 0.7% increase in the first six months of the year.

The risk of deflation has not disappeared in China. Domestic demand remains weak.

Zhiwei Zhang

Chief Economist, Pinpoint Asset Management

Pork prices rose 18.1% year-on-year in June, while beef prices fell 13.4%. Tourist prices rose 3.7% year-on-year in June, down 0.8% from May.

“The risk of deflation has not gone away in China. Domestic demand remains weak,” Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said in a note.

We expect companies in our China portfolio to recover, says Temasek CIO

He added that China will rely on exports to support growth in the first half of the year.

The country is expected to report June trade figures on Friday.

Weak domestic demand in China is keeping inflation low, unlike in major economies like the US where prices remain high.

This is breaking news. Check back later for updates.

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