China June inflation hits 29-month low at 2.2%

09 July 2012 05:13  [Source: ICIS news]

SINGAPORE (ICIS)--China’s consumer prices continued to ease, with inflation falling to a 29-month low of 2.2% in June, bringing the first-half average at 3.3%, official data showed on Monday.

Its producer price index (PPI) – a gauge of wholesale prices – decreased by 2.1% year on year to a 32-month low in June, according to data from the National Bureau of Statistics (NBS).

Producers’ purchase price dropped by 2.5% in June, with that of raw chemicals down by 5.0%, based on official data.

China’s inflation numbers came within market expectations and provide the authorities with more room to ease monetary policies, analysts said.

By: Fanny Zhang
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