China's factory gate prices fell at the fastest pace in over seven-and-a-half years in June and missed expectations, while consumer prices were unchanged, as a faltering post-COVID recovery weighed on demand.
The producer price index fell for a ninth consecutive month, down 5.4% from a year earlier, marking the steepest decline since December 2015. That compared with a 4.6% drop the previous month, and a forecast for a 5.0% fall.
The consumer price index was unchanged year-on-year, compared with the 0.2% gain seen in May, the National Bureau of Statistics said. That was the slowest pace since February 2021 and missed the 0.2% rise expected in a Reuters poll of analysts.China last month cut policy rates to boost liquidity and vowed to take measures to promote household consumption.
Beijing has set a target for average consumer inflation in 2023 of about 3%. Prices rose 2% year-on-year in 2022. Core CPI, excluding the volatile prices of food and energy, rose 0.4% year-on-year, slowing from 0.6% in the previous month.
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