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China’s inflation rose 2.7 percent in July


China’s inflation rose 2.7 percent in July

Beijing, Aug 11 (Prensa Latina) China reported that inflation closed with a 2.7 percent year-on-year increase in July, above the previous month, due to a rise in the price of several food items amid the new Covid-19 outbreak.
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According to the National Bureau of Statistics (NBS), fresh vegetables rose 10.6 points and the price of pork, a staple meat in the country, climbed 25.6 percent.

Since June, the increase in pork prices is associated to some farmers’ activities, such as hoarding and reluctance to sell, as well as increased consumer demand.

The prices of non-food items rose 1.7 percent and wholesale inflation in the industrial sector increased 4.2 percent, lower than in July, thanks to measures to curb the rising cost of raw materials and energy.

Since March, the NBS has warned that inflation could soar above two points, as the country remains under the siege of frequent Covid-19 outbreaks and several socioeconomic sectors are suffering disruptions.

This year, China plans to close that indicator at around three points.


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