China's CPI rises 3.1 pct in May

10:01, June 11, 2010      

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Special Report: May economic data released, CPI growth exceeding 3%

China's PPI up 7.1 pct on year in May

China's urban fixed asset investment up 25.9 pct in first five months

China's May retail sales up 18.7 pct

China's May industrial value-added output expands 16.5 pct

China's home prices rise 12.4% in May

China's May new lending drops to $93.6 bln

China's consumer price index (CPI), a main gauge of inflation, rose 3.1 percent year on year in May, the National Bureau of Statistics (NBS) announced Friday.

The May figure was up 0.3 percentage point from April's year on year inflation at 2.8 percent. It also surpassed the central government's 3 percent whole-year inflation goal.

Taking the first five months together, China's CPI rose 2.5 percent year on year during the period.

The producer price index (PPI), a major measure of inflation at the wholesale level, grew 7.1 percent year on year in May, up 0.3 percentage point from April's 6.8 percent.

In May, consumer prices in China's urban areas increased 2.9 percent and in rural regions by 3.3 percent. Food prices, which accounted for about a third of the weighting in calculating the CPI, gained 6.1 percent during the month.

China is targeting a rise in consumer prices of around 3 percent this year, according to a government work report delivered by Premier Wen Jiabao in March at the annual legislative session.

Source: Xinhua


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