The Chinese corporate goods price (CGP) index, also called the wholesale price index, rose 0.7 percent month-on-month in July, the People's Bank of China (PBOC) said on Wednesday.

According to the central bank, the CGP index rose 9.4 percent year-on-year.

The index reflects the price change of products traded among corporations and traces overall price fluctuation together with the consumer price index (CPI).

According to the PBOC, agricultural product prices in July rose 0.3 percent month-on-month, and were 6.8 percent higher year-on-year. The price of oil products was up 6.9 percent month-on-month and 27.3 percent higher year-on-year.

The price of electricity rose 2.7 percent month-on-month and 2.9 percent year-on-year.

The PBOC statistics revealed the price of iron ore was rising 3.3 percent month-on-month and 45 percent year-on-year. Coal rose 6.1 percent month-on-month and 53.5 percent year-on-year.

China's CPI, a main inflation gauge, was up 6.3 percent in July year on year, lower than the 7.1 percent in June and 7.7 percent in May.

The Chinese CGP index is based on the prices of 791 types of goods and covers wholesale prices in the country's 36 big- and medium-sized cities and more than 200 small cities.