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China producer, consumer inflation up in July

China's producer price index rose 0.2% month over month in July. The index rose 5.5% in July from a year earlier, unchanged from June, the National Bureau of Statistics said Aug. 9.

The increase came from a rise in prices of commodities including steel and non-ferrous metals, Reuters reported, citing government data.

The consumer price index, or CPI, was up 0.1% month over month in July. On an annual basis, it slowed slightly to 1.4%.

Food prices, the biggest component of the CPI, slipped 1.1% from a year earlier, Reuters said.

China has set its inflation target at 3% for 2017.