China's consumer price ticks up in July, driven by food prices

China's consumer price ticks up in July, driven by food prices

China's catering industry is in gradual recovery from the virus disruption. /Xinhua China's catering industry is in gradual recovery from the virus disruption. /Xinhua China's consumer price index (CPI) rose by 2.7 percent year on year in July, official data showed on Monday, as the economy continues to recover from the coronavirus outbreak. As a key gauge of retail inflation, China's CPI has been easing since January but picked up again in recent months, as production resumed and demand went back on track. July's index exceeded Bloomberg's forecast of a 2.6 percent increase. Food prices rose by 13.2 percent from the same period last year, an increase of 2.1 percentage points, data from the National Bureau of Statistics (NBS) show, among which, pork prices rose by 10.3 percent on month and 85.7 percent year on year. "With the gradual recovery of catering services, demand for pork continued to increase," said Dong Lijuan, a senior statistician from the NBS.
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