Chart: China CPI YoY Dropped to Zero in June 2023

The decline in the CPI was mainly driven by a drop in food prices, especially pork, which fell 1.3% from May and 7.2% year-on-year. Prices of both beef and lamb also fell in June, a 3.4% and 1.7% year-on-year decline.

Boosting consumer demand for food and services has been a top priority for Chinese policymakers following the COVID-19 pandemic. The government has set a target of around 3% inflation in average consumer prices this year.

Source : Sixth Tone