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China's PPI +6.1% y/y, CPI +2.5% y/y

·1 min read

BEIJING, July 9 (Reuters) - China's factory-gate inflation cooled in June to the lowest in 15 months, as strict anti-COVID measures hit demand and global recession fears triggered a selloff in ferrous metals.

The producer price index (PPI) rose 6.1% year-on-year, the National Bureau of Statistics (NBS) said on Saturday, after a 6.4% rise in May. That was a larger increase than expectations for 6.0% growth tipped in a Reuters poll.

The consumer price index (CPI) picked up 2.5% from a year earlier, widening from a 2.1% gain in May. In a Reuters poll, the CPI was expected to rise 2.4%.

The CPI stayed flat month-on-month, after the 0.2% drop in May, beating the 0.1% decline in a Reuters poll.

The world's second-biggest economy has shown some signs of recovery in recent months after a sharp COVID-induced slump, although headwinds to growth persist, including soft consumer spending and worries of any recurring waves of infections. (Reporting by Liangping Gao, Ellen Zhang and Ryan Woo; Editing by Christian Schmollinger)