China's Inflation Cools as Oil Shock Fades

China's producer price index rose 3.5% in July from the year-ago period, slower than expected and compared to a gain of 4.1% in June.

This marks the first slowdown since China's producer price index turned positive in March on the back of higher oil prices, after more than three years of declines.

Consumer inflation decelerated to 0.5% from 1% in June, and the core consumer price index eased from 1 to 0.9%.