August 09, 2023 (MLN): China’s consumer price index (CPI) for the month of July 2023 fell by 0.3% YoY as compared to 0% in the previous month, the latest data issued by the National Bureau of Statistics of China showed.
Among them, urban areas decreased by 0.2%, rural areas decreased by 0.6%; food prices decreased by 1.7%, and non-food prices were flat; consumer goods prices decreased by 1.3%, and service prices increased by 1.2%.
On average from January to July, the national consumer price rose by 0.5% over the same period of the previous year.
To note, this comes a day after the country's latest export data of last month, which showed the exports fell at their fastest pace in more than three years as global demand for Chinese products wanes.
Imports also sank for a ninth straight month owing to weak domestic demand.
On the other hand, on a sequential basis, China's CPI rose by 0.2% MoM as compared to -0.2% MoM in the previous.
Among them, the urban price increased by 0.3%, and the rural area remained the same; food prices decreased by 1%, non-food prices increased by 0.5%; consumer goods prices decreased by 0.1%, and service prices increased by 0.8%.
The Consumer Price Index (CPI for short) is a relative number that measures changes in the price level of consumer goods and services over time, and comprehensively reflects changes in the price level of consumer goods and services purchased by residents.
Consumer Price Statistical Survey covers 8 categories and 268 basic categories of goods consumed by urban and rural residents across the country, including food, tobacco, alcohol, clothing, housing, daily necessities and services, transportation and communications, education, culture and entertainment, medical care, and other supplies and services. and service prices.
