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China July inflation forecast at 1.9 pct

Xinhua, July 31, 2016 Adjust font size:

China's Consumer Price Index (CPI) in July is likely to increase 1.9 percent year on year, staying flat with that in June, according to an industry report.

The official CPI for July is due to be released by the National Bureau of Statistics (NBS) on Aug. 9.

The Bank of Communications (BOC) said in a report that the slowing inflation is due to stable foods prices, which account for around one-third of the CPI calculation.

Food prices will post an increase of between 4.4 and 5 percent year on year in July, slightly higher from the previous month, as falling supply in flood-hit areas push up prices of vegetables.

BOC expects the CPI to remain stable throughout the remainder of the year, but food prices may still see temporary increases.

China's CPI grew 1.9 percent year on year in June, according to the National Bureau of Statistics (NBS).

June's data slowed from 2 percent growth in May and dropped for the second-consecutive month, from 2.3 percent in April when the CPI reached the highest level since July 2014. Enditem