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China inflation steady at 2.3% in July
August 9, 2014, 4:45 am

Food prices, which account for about one third of the weighting in CPI calculation, grew 3.6 per cent year on year in July [Xinhua]

Food prices, which account for about one third of the weighting in CPI calculation, grew 3.6 per cent year on year in July [Xinhua]

China’s consumer price index (CPI), a main gauge of inflation, grew 2.3 per cent year on year in July, in the same pace with a month earlier, official data showed Saturday.

The growth rate was also at the same level as that of the first half of this year, showing the world’s second-largest economy witnessed stable prices so far, according to the National Bureau of Statistics (NBS).

In July, inflation grew 2.4 per cent in urban areas, higher than the 2.1 per cent in rural areas, NBS data showed.

Food prices, which account for about one third of the weighting in CPI calculation, grew 3.6 per cent year on year in July, down from 3.7 per cent in June.

The Chinese government aims to hold consumer inflation at around 3.5 per cent this year.

 

Source: Agencies