Zhou Wangjun, vice director of the National Development and Reform Commission’s pricing department, reiterated that the current round of inflation is approaching a turning point after rising 25 months, and price rises will likely ease for the rest of the year.

The rise in consumer prices was driven by a 14.8% increase in food costs – though officials believe inflation has peaked: Perhaps it is for this reason that the headlines remain focussed on inflation ( here – CPI was up again to 6.5% in July with PPI even higher at 7.5%). Or so said Xinhua, the government run media organisation last week ( here). This view has been supported by recent data released by the National Bureau of Statistics showing that industrial activity had cooled to a still strong 14.0% annualised rate in July and that fixed asset investment was still climbing, with residential construction investment up 36.4% compared to the same period last year. Account icon An icon in the shape of a person's head and shoulders.

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