Data released by China’s National Bureau of Statistics early Thursday, July 9, showed that the annual consumer price index (CPI), a key measure of inflation, rose 1% in June, compared to 1.2% growth in April and May. This figure fell short of market expectations of 1.1%, as prices for industrial goods such as jewelry and gasoline declined. On a monthly basis, the index fell 0.3%.

Meanwhile, the core CPI, which excludes volatile food and energy prices, rose 1.0%, compared to 1.1% in May, marking its slowest pace of growth since January. Food prices fell 1.6%.

Separately, China’s producer price index (PPI) climbed to a four-year high, rising 4.1% year-on-year in June, compared to 3.9% in May. This figure matched expectations and reached its highest level since July 2022.