China's consumer price index (CPI), the primary measure of inflation, rose to 2.7% year-on-year in June from 2.1% in May, Reuters reported, citing data released by the National Bureau of Statistics today. A 4.9% increase in food prices contributed to much of the rise. The headline CPI figure surpassed economist consensus predictions of a 2.5% rise, according to a Reuters' survey. Meanwhile, producer prices fell 2.7% year-on-year in June compared to a 2.9% drop in May and marked the 16th consecutive month of producer deflation. The drop was in line with economist expectations.
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