China inflation up 2.3% on-year in July

BEIJING - China's annual inflation rose 2.3% in July, official data showed Saturday, remaining stable from the previous month's result.

The country's consumer price index -- a main gauge of inflation -- also rose by 2.3% in the first seven months of the year from the same period in 2013, the National Bureau of Statistics said in a statement.

The result remains well below the 3.5% annual target set by the government in March.

Overall food prices drove inflation, rising 3.6% from the same month last year, according to the NBS data..

Moderate inflation can be a boon to consumption as it encourages consumers to buy before prices go up, while falling prices encourage shoppers to delay purchases and companies to put off investment, both of which can weigh on growth.

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