National Bureau of Statistics urban division chief statistician Dong Lijuan said
China’s CPI rose 0.5% YoY in July, a 0.5ppt slowdown from June. The moderation
was mainly driven by weaker gasoline inflation: gasoline prices rose 1.0% YoY,
with the rate down 16.0ppt month-on-month, cutting CPI’s upward pull by about
0.45ppt and bringing energy price growth to 0.6%. Excluding energy, industrial
consumer goods rose 1.5% YoY, down 0.2ppt and contributing roughly 0.37ppt to
CPI. Gold jewelry prices increased 24.6%; personal-care goods +1.7%; household household
appliances +0.2%; these decelerations together added about 0.13ppt. Computers,
tablets and mobile phones rose 17.4%, 17.2% and 8.5% YoY, respectively.
