The core CPI, which excludes food and energy prices, increased 0.9 percent year on year, according to the bureau.
Influenced by international imported factors, CPI in July edged down 0.1 percent on a month-by-month basis, the NBS data revealed.
Sunday’s data also showed that China’s producer price index, which measures costs for goods at the factory gate, went up 3.5 percent year on year in July.
Commenting on the data, Zhang Zhiwei, President and Chief Economist of Pinpoint Asset Management, said momentum appeared to have softened in the second quarter.
Zhang also wrote that a meeting of the Politburo in late July “signalled stronger fiscal spending as the policy response”, adding that a couple of months are needed to assess how it may boost domestic demand.
The latest figures come two days after trade data for July showed exports and imports soaring, boosted by increased overseas demand for AI-related tech products. (Xinhua/AFP)
