China’s consumer inflation pushes higher

China’s consumer inflation rose in July to a two-year high, official data showed Wednesday, with a surge in pork prices pushing up the cost of food.

Compared with other countries, consumer costs in the world’s second-biggest economy have not skyrocketed, largely spared the impact of a global surge in food prices after the Russian invasion of Ukraine.

China’s consumer price index (CPI), a key gauge of retail inflation, grew less than expected at 2.7 percent from a year ago in July, National Bureau of Statistics (NBS) data showed.

CPI rose slightly on-year “due to an increase in prices of pork, fresh vegetables and other food, as well as seasonal factors”, NBS senior statistician Dong Lijuan said in a statement.

Food prices were up 6.3 percent on-year, with pork spiking 20.2 percent in July, she added.

Prices of the staple meat rose in part because of the reluctance of some farmers to sell -- ostensibly to maximize profits -- and a pick-up in consumer demand, according to the NBS.