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China July inflation accelerates; producer prices down for 1st time in 3 years

China's annual consumer inflation climbed 2.8% in July from June's 2.7% print, while producer prices contracted for the first time in three years, data from the National Bureau of Statistics showed.

The consumer price index reading was 0.1 percentage point higher than the Econoday consensus estimate. On an annual basis, food prices climbed 9.1%, while non-food prices rose 1.3% in July.

On a monthly basis, the Chinese CPI rose 0.4% in July after falling 0.1% in June. The index for the first seven months of 2019 increased 2.3% on average when compared to the prior-year period.

Meanwhile, China's producer prices dropped 0.3% on a yearly basis in July, after stalling in June, coming in better than the Econoday consensus estimate of a 0.6% drop.

Accelerating consumer prices will weigh on household confidence and real income growth, while producer price deflation will further shrink manufacturing profits, wrote Capital Economics senior China economist Julian Evans-Pritchard and China economist Martin Rasmussen.

On a monthly basis, producer prices fell 0.2% in July, following a 0.3% drop in June.