BEIJING – China’s consumer price index (CPI), a main gauge of inflation, is expected to go up in June year-on-year, according to some securities institutions cited by Monday’s Securities Daily.
The CPI is estimated to rise an average rate of 2.6 percent year-on-year in June, from the lowest 2.2 percent to the highest 2.9 percent, said the newspaper.
As of June 29, hog prices rose more than the previous year in June, while the increase of fruit prices continued to expand year-on-year since autumn fruits such as apples and pears were not in season in June, data from the Ministry of Agriculture and Rural Affairs showed.
Li Chao, an analyst with Huatai Securities, predicted that CPI rising pressure would be still controllable because the country has already made efforts to ensure a reasonable supply of various kinds of foods.
Food prices are expected to go up by nearly 8.2 percent due to higher prices in grain, red meat and fruits, said Huang Wentao, an analyst with China Securities.
Non-food CPI is expected to remain stable year-on-year because the crude oil prices fell significantly in June, said Hua Changchun, an analyst with Guotai Junan Securities.
The National Bureau of Statistics will release the official June CPI data Wednesday.