China's CPI Up 6.5% in July
The National Bureau of Statistics announced earlier today that China's consumer price index (CPI) rose 6.5% year-on-year in July, slightly higher than the pace of growth registered in June when the index rose by 6.4% compared to 12 months earlier.
According to the NBS, the CPI rose 6.2% in urban areas and 7.1% in rural areas. Food prices continued to rise quickly in July, up 14.8% when compared to the same period last year, contributing nearly 4.38 percentage points to the overall growth. The price of meat, poultry and related products increased 33.6 percent year-on-year, contributing 2.08 percentage points to the overall increase in CPI, with the 56.7% increase in the price of pork alone, contributing 1.46 percentage points to overall growth.
According to the NBS, the cost of housing also increased. Housing prices were up 5.9% - with utility fees up 4.4 percent, building and decorating materials up 5.5% and housing rental prices up 4%.
The producer price index (PPI), another measure of inflation at the wholesale level, rose 7.5 percent in July year-on-year.
The NBS also released data on fixed-asset investment.
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According to the NBS, "In the first seven months of this year, the investment in fixed assets (excluding rural households) reached 15.24 trillion yuan, up by 25.4 percent year-on-year. Of this total, the amount invested in state-owned and state holding enterprises reached 5.28 trillion yuan, a rise of 13.6 percent."
Investment in real estate development increased rapidly. In the first seven months of 2011, 3.19 trillion yuan was invested in real estate development, a year-on-year growth of 33.6 percent. Of this total, investment in residential properties reached 2.28 trillion yuan, up by 36.4 percent.
Links and Sources
National Bureau of Statistics: Consumer Prices for July 2011
http://www.stats.gov.cn/english/newsandcomingevents/t20110809_402745925.htm
Economic Observer: 7月CPI同比增6.5% PPI同比增7.5%
http://www.eeo.com.cn/2011/0809/208358.shtml
National Bureau of Statistics: 7月份固定资产投资主要情况
http://www.stats.gov.cn/tjfx/jdfx/t20110809_402745906.htm
National Bureau of Statistics: 7月份工业生产者价格变动情况
http://www.stats.gov.cn/tjfx/jdfx/t20110809_402745786.htm
National Bureau of Statistics: 7月份消费品市场情况
http://www.stats.gov.cn/tjfx/jdfx/t20110809_402745922.htm
The National Bureau of Statistics announced earlier today that China's consumer price index (CPI) rose 6.5% year-on-year in July, slightly higher than the pace of growth registered in June when the index rose by 6.4% compared to 12 months earlier.
According to the NBS, the CPI rose 6.2% in urban areas and 7.1% in rural areas. Food prices continued to rise quickly in July, up 14.8% when compared to the same period last year, contributing nearly 4.38 percentage points to the overall growth. The price of meat, poultry and related products increased 33.6 percent year-on-year, contributing 2.08 percentage points to the overall increase in CPI, with the 56.7% increase in the price of pork alone, contributing 1.46 percentage points to overall growth.
According to the NBS, the cost of housing also increased. Housing prices were up 5.9% - with utility fees up 4.4 percent, building and decorating materials up 5.5% and housing rental prices up 4%.
The producer price index (PPI), another measure of inflation at the wholesale level, rose 7.5 percent in July year-on-year.
The NBS also released data on fixed-asset investment.
According to the NBS, "In the first seven months of this year, the investment in fixed assets (excluding rural households) reached 15.24 trillion yuan, up by 25.4 percent year-on-year. Of this total, the amount invested in state-owned and state holding enterprises reached 5.28 trillion yuan, a rise of 13.6 percent."
Investment in real estate development increased rapidly. In the first seven months of 2011, 3.19 trillion yuan was invested in real estate development, a year-on-year growth of 33.6 percent. Of this total, investment in residential properties reached 2.28 trillion yuan, up by 36.4 percent.
The NBS also noted that "in the first seven months of 2011, the total value added of large industrial enterprises (which now applies to companies with core revenue of over 20 million yuan) was up 14 percent year-on-year, down 1.1 percentage points on the figure registered in June 2011.
Links and Sources
National Bureau of Statistics: Consumer Prices for July 2011
Economic Observer: 7月CPI同比增6.5% PPI同比增7.5%
National Bureau of Statistics: 7月份固定资产投资主要情况
National Bureau of Statistics: 7月份工业生产者价格变动情况
National Bureau of Statistics: 7月份消费品市场情况
