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China's CPI up 1.8% in Jul

Aug. 9, 2012 (China Knowledge) - China's consumer price index (CPI), the major gauge of inflation, increased 1.8% YoY in July this year, reflecting the lowest level in two and a half years, according to statistics released by the National Bureau of Statistics (NBS) today.
The CPI growth last month was lower than the 2.2% increase in June.

The CPI in urban areas rose 1.9% YoY in July, while the CPI in rural areas increased 1.5%YoY, according to the statistics.
The NBS said food prices went up at a slower growth of 2.4% YoY last month, driven by a 3.0% increase in grain prices, 8.0% increase in the prices of fresh vegetable, an6.7% increase in the prices of aquatic products and a 5.9% increase in edible oil. Meanwhile, the price of prices of meat, poultry and processed products saw widened declined of 6.1% YoY, with the price of pork dropping 18.7% YoY, which contributed a 0.71 percentage point decline to the overall CPI last month. The prices of fresh eggs fell 6.5% YoY. Non-food prices rose 1.5% YoY in July.

The prices of tobacco products, alcohol and related products climbed 3.1% YoY, mainly driven by a 6.8% 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 1.8% YoY in July, while the price of clothing rose 3.3%, with a 3.6% increase in the price of garments and 2.3% increase in footwear.

There was a decrease of 0.9% in the prices of transportation and communications, and an increase of 2.1% in housing costs that were driven by a 3.1% increase in housing rentals, 2.5% increase in the prices of water, electricity and fuels, and 0.5% increase in the prices of building and decoration materials.

In the first seven months, the country's CPI grew 3.1% YoY.

In July, China saw its CPI rise 0.1% from the previous month.

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