China's producer prices up 0.3% in H1

China's producer prices up 0.3% in H1”

The producer price index (PPI) ― an important barometer of the industrial sector that measures the cost of goods at the factory gate ― came in at zero in June, down from a 0.6 per cent rise in May, the National Bureau of Statistics said.

The average price of fresh fruit soared 42.7% year-on-year in June, more than one-and-a-half times the growth of 26.7% in the previous month and hitting the highest level since June 2006, NBS data showed.

The change in the PPI was the lowest since August 2016 when the index last fell year-on-year.

In June, the index was flat with the same period a year ago, according to the NBS.

"The recent collapse in pig supply suggests that upward pressure on food prices is likely to intensify in the coming months", said Julian Evans-Pritchard of Capital Economics in a note.

Upstream sectors were particularly weak, with prices for oil and natural gas extraction down 1.8 percent from a year earlier, the NBS data showed.

Although Beijing and Washington reached another truce in their trade war last month, economists expect continuing pressure on the Chinese economy as manufacturers shift more production overseas to avoid United States tariffs on China-made goods.

"But I think the days of big drastic stimulus are probably over".

Non-food prices rose 1.4 percent year on year, 0.2 percentage points lower than that of May.

Ferrous metal mining producer prices rose 9.6% year on year in January-June, compared to 7.9% in January-May. "There are deflationary risks but the overall pressure is not big, because deflationary risk is only restricted to manufacturing products".

The average price of pork rose 21.1% year-on-year last month amid the fallout from the country's ongoing African swine fever outbreak.

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