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CPI growth eases for fourth consecutive month

(Chinadaily.com.cn)    15:29, June 10, 2020

People buy vegetables and fruits at a supermarket in Lianyungang City, East China's Jiangsu province, May 12, 2020. [Photo/Xinhua]

China's consumer inflation slowed to a 14-month low in May, as the food supply increased while business resumption deepened, the National Bureau of Statistics said on Wednesday.

Growth in the consumer price index, a main gauge of inflation, eased for the fourth consecutive month to 2.4 percent year-on-year last month, versus 3.3 percent for the previous month, the bureau reported.

Food prices increased 10.6 percent year-on-year in May, down 4.2 percentage points from April. The rise in pork prices, the biggest contributor to CPI growth, slowed to 81.7 percent year-on-year, versus 96.9 percent in April.

The core CPI, which excludes food and energy prices, went up 1.1 percent year-on-year last month, unchanged from a month earlier.

Meanwhile, the producer price index, which gauges factory gate prices, declined 3.7 percent year-on-year, partly due to the high comparison base of last May.

Consumer inflation is expected to remain on a downward trajectory over the second half of the year, with overseas stimulus to have a limited impact on China's inflation in the coming months, said Wang Tao, chief China economist at Swiss bank UBS.

Whole-year CPI may stand at around 2.4 percent, well below this year's control target of 3.5 percent, according to Wang. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)
(Web editor: He Zhuoyan, Bianji)

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