NBS official Dong Yaxiu attributed (link in Chinese) the sharp rise chiefly to a low comparison base a year earlier and heavy rains in southern China, which hit the fruit harvest and interfered with transporting the harvest.
The bureau also said that producer prices were flat on year in June.
The rate of growth was the slowest since August 2016 when the PPI last dipped into negative territory.
Prices in the education, culture and entertainment sector, health care and housing rose by 2.4 percent, 2.5 percent and 1.6 percent respectively, with the combined impact on the headline CPI rising by about 0.84 percentage points, according to the bureau.
Companies in the sectors of medical equipment and semiconductor were among the biggest gainers, with Andon Health Co., Ltd. seeing its share price rise by the daily 10-percent limit to 5.69 yuan a share.Читайте также: France to tax flights from its airports, airline shares fall
Although Beijing and Washington reached another truce in their trade war last month, economists expect continuing pressure on the Chinese economy as manufacturers shift more production overseas to avoid USA tariffs on China-made goods.
Beijing is fast-tracking more infrastructure projects but prices for some construction materials remain lacklustre.
"The PBOC and the economy will likely maintain an easing bias, rather than tightening", Chang Jian, Barclays Bank PLC's chief China Economist said on Bloomberg TV, noting that the central bank has been flooding the markets with liquidity after the takeover of a small lender caused inter-bank lending issues. "If the upcoming credit and domestic activity data disappoint again, there may be increased pressure on the Chinese authorities to launch more stimulus", added ANZ.
The CPI in urban and rural areas both registered a 2.7-percent growth year on year. That was shy of expectations for an increase of 0.2 percent and down from 0.6 percent in the previous month.
Factory gate inflation on the other hand slipped from the 0.6% year-on-year clip observed in May to 0.0%.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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