China's factory-gate inflation eased to a 17-month low in July, defying global cost pressures as slower domestic construction weighed on raw material demand, although consumer price gains hit a two-year high as pork supplies tightened.
The producer price index rose 4.2% year-on-year, the National Bureau of Statistics said on Wednesday, after a 6.1% uptick in June and missing analyst forecasts for a 4.8% increase.
In a sign of the slowing momentum, PPI fell 1.3% month-on-month, its first monthly decline since January, with the biggest falls in the price of metals and petrochemicals. The consumer price index increased 2.7% from a year earlier, the fastest pace since July 2020 but missing forecasts for a 2.9% gain.
However, core CPI, which excludes volatile energy and food prices and is a better gauge of underlying inflation, remained soft, rising just 0.8%, slower than the 1.0% rise in June.While the People's Bank of China is expected to keep monetary settings loose amid sluggish growth, there are limits on how much the bank can ease policy due to worries about capital outflows, as the U.S. Federal Reserve raises interest rates aggressively.
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