China inflation up 2.3 percent on-year in July: govt

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The result remains well below the 3.5 percent annual target set by the government in March.

EIJING (AFP) – China s annual inflation rose 2.3 percent in July, official data showed Saturday, remaining stable from the previous month s result.

The country s consumer price index — a main gauge of inflation — also rose by 2.3 percent in the first seven months of the year from the same period in 2013, the National Bureau of Statistics said in a statement.

The result remains well below the 3.5 percent annual target set by the government in March.

Overall food prices drove inflation, rising 3.6 percent from the same month last year, according to the NBS data.

Moderate inflation can be a boon to consumption as it encourages consumers to buy before prices go up, while falling prices encourage shoppers to delay purchases and companies to put off investment, both of which can weigh on growth.

2014-08-10

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