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China's CPI up 2.2% in Jun

Jul. 9, 2012 (China Knowledge) - China's consumer price index (CPI), the major gauge of inflation, increased 2.2% YoY in June this year, according to statistics released by the National Bureau of Statistics (NBS) today.
The CPI growth last month was lower than the 3.0% increase in May.
The CPI in urban areas rose 2.2% YoY in June, while the CPI in rural areas also increased 2.0%YoY, according to the statistics.
The NBS said food prices went up at a slower growth of 3.8% YoY last month, driven by a 3.2% increase in grain prices, 12.1% increase in the prices of fresh vegetable, an 8.6% increase in the prices of aquatic products and a 6.0% increase in edible oil. Meanwhile, the price of prices of meat, poultry and processed products fell 1.7% YoY, with the price of pork dropping 12.2% YoY, which contributed a 0.43 percentage points decline to the overall CPI last month. The prices of fresh eggs fell 3.6% YoY.  Non-food prices rose 1.4% YoY in June.
The prices of tobacco products, alcohol and related products climbed 3.2% YoY, mainly driven by a 7.1% increase in alcohol prices, while the prices of household appliances and maintenance services edged up 1.9% from a year earlier.

The price of personal and health care products increased 1.9% YoY in June, while the price of clothing rose 3.3%, with a 3.5% increase in the price of garments and 2.4% increase in footwear.

There was a decrease of 1.7% in the prices of transportation and communications, and an increase of 1.6% in housing costs that were driven by a 2.9% increase in housing rentals, 1.0% increase in the prices of water, electricity and fuels, 0.7% increase in the prices of building and decoration materials.

In the first six months, the country's CPI grew 3.3% YoY.

In June, China saw its CPI fall 0.6% from the previous month, and the decrease was larger than the 0.3% MoM drop in May.

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