China's June PPI up 7.1 pct year-on-year

China's Producer Price Index (PPI), a major measure of inflation at the wholesale level, rose 7.1 percent year-on- year, the National Bureau of Statistics (NBS) said Saturday. The PPI growth in June escalated from May's 6.8 percent increase, the NBS said in a statement on its website. On a month-on-month basis, the June PPI was flat from May. To break down the PPI figure, the producer purchase prices rose 10.5 percent year-on-year but added only 0.2 percent month-on-month, indicating their pressure to pass on the price increases to consumers next month, according to the NBS. Compared with one year earlier, the producer prices of production materials rose 7.9 percent in June, while those of consumption goods rose 4.6 percent. On a month-on-month basis, the June producer prices of production materials dipped 0.1 percent from May and those of consumption goods were slightly up by 0.1 percent.