China reported its consumer price index rose 1.4 percent in July from a year ago while the producer price index rose 5.5 percent in the same period, the National Bureau of Statistics said Wednesday.

Analysts polled by Reuters expected consumer inflation to stay steady from June at 1.5 percent on-year while producer prices were also forecast to remain flat from the 5.5 percent on-year rise in June.

Inflation data from China is closely watched as indications of how the central bank may approach monetary policy. China’s 2017 inflation target is 3.0 percent.

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