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China July consumer price index climbs 2.1% YOY; producer index up 4.6%

China's consumer price index rose 2.1% year over year in July, up from 1.9% in June, according to National Bureau of Statistics data.

The annual increase was driven mainly by a 2.4% rise in nonfood prices, with gasoline and diesel prices up 22.7% and 25.1%, respectively. Food prices climbed 0.5%.

On a monthly basis, the consumer price index climbed 0.3% in July, an increase of 0.2 percentage point over the previous month. The month-over-month rise was largely spurred by the summer vacation season, during which travel peaked and saw higher prices for airline tickets, travel and hotel accommodation, the bureau said.

The producer price index increased 4.6% year over year in July, down 0.1 percentage point from the prior month, the statistics agency said. The oil and gas exploration industry, which rose 42.1%, expanded its gains while the ferrous and nonferrous metal smelting and rolling processing industries posted declines.

On a monthly basis, the producer price index edged 0.1% higher in July, compared with a 0.3% growth in June.

China has set a consumer inflation target of "around 3%" in 2018, in line with the 2017 target, Reuters reported.