MNI China Daily Summary: Thursday, May 16

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MNI BRIEF: China CPI Flat In June, PPI Dips Further

MNI (Singapore)
Beijing (MNI)

China's Consumer Price Index decelerated at a faster pace than expected, registering 0.0% y/y in June, compared with the 0.2% market consensus and down from May’s 0.2% print, data from the National Bureau of Statistics showed Monday.

Food costs increased 2.3% y/y in June, up from May’s 1.0% print, with the prices of vegetables, fruits and poultry mainly rising. Pork prices, the main CPI driver, declined further by 7.2% y/y, compared to a 3.2% fall in May. Service prices increased 0.7% y/y, down from the 0.9% in May, the NBS said. On a monthly basis, CPI fell 0.2% m/m compared to May’s 0.2% decline.

The producer price index declined 5.4% y/y from May’s 4.6% drop, underperforming the consensus of a 5.0% decline, according to the NBS. The deeper fall was mainly attributed to the continued decline in the prices of petroleum and coal industry, the NBS said. PPI decreased 0.8% m/m, compared with May’s 0.9% print.

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