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MNI BRIEF: China May CPI Higher, PPI Dips

MNI (Singapore)
（MNI）Beijing

China's Consumer Price Index gained 0.2% y/y in May, matching consensus and up from April’s 0.1% y/y print, data from the National Bureau of Statistics showed on Friday.

Food costs increased 1.0% y/y in May, up from April's 0.4% y/y and contributing 0.34pp to CPI growth. Pork prices, the main CPI driver, declined 3.2% y/y, compared to a 4.0% rise in April.

Service prices increased 0.9% y/y, down from the 1.0% y/y in April, the NBS said. Core CPI, which excludes food and energy prices, rose 0.6% y/y in May, down from 0.7% in April. On a monthly basis, CPI fell 0.2% m/m compared to April's 0.1% m/m decline.

The producer price index declined 4.6% y/y from April's 3.6% y/y drop, according to the NBS. The reading missed the market consensus of a 4.4% y/y decline. PPI decreased 0.9% m/m from April's 0.5% m/m due to mineral industry and raw material prices dropped 11.5% y/y and 7.7% y/y, the NBS said.

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