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Wednesday, June 12, 2019, 14:09
China's inflation up 2.7% in May
By Xinhua
Wednesday, June 12, 2019, 14:09 By Xinhua

Visitors view backpacks equipped with solar photovoltaic panels during the 2018 CES (Consumer Electronics Show) Asia in Shanghai, east China, June 13, 2018. (FANG ZHE / XINHUA)

BEIJING - China's consumer price index (CPI), a main gauge of inflation, accelerated to 2.7 percent year on year in May, the NBS said Wednesday.

The reading, in line with market expectations, moved up from the 2.5-percent expansion in April and hit a 15-month high. On a monthly basis, consumer prices remained flat last month, compared with the 0.1-percent increase in April.

ALSO READ: China's industrial profits fall in first 4 months

Food prices climbed 7.7 percent year on year last month, up from 6.1 percent in April, and on a monthly basis, the prices edged up 0.2 percent, according to the NBS.

Because of reduced yields of apples and pears last year, understocks of fruits and rainy weather in southern China, the fruit prices hiked both on a yearly and monthly basis.

Food prices climbed 7.7 percent year on year last month, up from 6.1 percent in April, and on a monthly basis, the prices edged up 0.2 percent

Fruit prices went up 26.7 percent year on year in May, while on a month-on-month basis, the prices increased 10.1 percent, contributing to 0.2 percentage points to the monthly CPI growth.

The price of pork went down 0.3 percent month on month with lower consumption demands as the weather became hotter, according to the NBS.

However, compared with a year ago, the pork price was up 18.2 percent, 3.8 percentage points higher than that in April.

Non-food prices gained 1.6 percent year on year, 0.1 percentage points lower than that in April.

The CPI in urban areas rose 2.7 percent year on year, while that in rural areas went up 2.8 percent compared with a year ago, the NBS noted.

NBS official Dong Yaxiu said the carry-over effects resulted in a rise of 1.5 percentage points in the CPI growth in May while new factors contributed to 1.2 percentage points.

Wednesday's data also showed that China's producer price index, which measures costs for goods at the factory gate, rose 0.6 percent year on year last month.

China's producer prices up 0.6%

China's producer price index, which measures costs for goods at the factory gate, rose 0.6 percent year on year in May, the NBS said Wednesday.

The pace was slower than the 0.9-percent increase recorded in April, NBS data showed.

On a monthly basis, producer prices went up 0.2 percent in May, narrowing from the 0.3-percent increase in April.

READ MORE: China's consumer inflation rises to 6-month high

In the first five months, the index climbed 0.4 percent from the same period a year earlier.

Factory prices of production materials grew 0.6 percent year on year in May, down from the 0.9-percent increase a month earlier.

Consumer goods prices rose 0.9 percent yeyar on ear in May, flat with that in April.

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