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May CPI up 2%; PPI down 2.8%

The National Bureau of Statistics released its latest consumer and producer price indices on June 9. May’s consumer price index rose 2 percent on an annual basis. That was lower than 2.3 percent growth in April as an increase in vegetable prices eased. May vegetable prices rose 6.4 percent. That was, much lower compared with April’s 22.6 percent increase. However, pork prices remained at a high level.

“Vegetable and pork are important components in the inflation index. With one up and the other down, the index remains quite stable,” said Wang Jinbin, deputy dean of School of Economics of Renmin University.

“The price index will remain in a mild state in the future,” said Liu Weimin, researcher of State Council’s Development Research Center.

China’s oil prices were increased twice in May. Gasoline and diesel have a minor impact on inflation but the increase will be noticed in the prices of other goods.

“A slight increase in oil prices will drive up non-food prices, such as logistics costs and transportation,” Liu said.

Meanwhile, the producer price index declined 2.8 percent in May from a year ago. The May figure fell at its slowest rate since November 2011. A pickup in government investment spending supported demand, braking the fall.