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6/9/2016, 6:20 AM (Source: TeleTrader)
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China: Consumer prices up 2% in May

Consumer prices in China rose at a slower pace in May than in last month, mostly due to lower food prices. Consumer price index (CPI) rose at an annual rate of 2%. In April, the rate was 2.3%. Food prices were 5.9% higher, after rising 7.4% year over year in May, according to data provided by the National Bureau of Statistics (NBS) on Thursday.

Food prices were pushed by significant demand and price hike for pork, while vegetable and fruit prices came down with seasonal factors.

On the other hand, Producer price index (PPI) fell 2.8% year over year in May, which compares to a fall of 3.4% in April. PPI was influenced mostly by rising oil prices.

On Wednesday, the People's Bank of China confirmed its previous estimate that the economy would grow by 6.8% in 2016 and that the CPI would be in range of 2.4%, while the NBS reported 4.1% lower exports in May.

Stock markets in Shanghai, Shenzhen, Hong Kong and Taipei were closed for the Dragon Boat Festival.

 

Breaking the News / ZR