Moderate uptick in China's May consumer inflation

Moderate uptick in China's May consumer inflation

Moderate uptick in China's May consumer inflation

The consumer price index climbed 1.5 per cent, versus a prior gain of 1.2 per cent, the statistics bureau said on Friday.

Chinese consumer inflation gathered pace in April, while producer prices expanded at a slower rate, painting a mixed picture of the world's second-largest economy. On a monthly basis, however, the CPI declined 0.1 percent, according to the NBS.

However, with the United Kingdom election now thought unlikely to produce an overall majority for any party, it's safe to say that investors' minds were elsewhere. The recent pick up in factory-gate prices has been mostly driven by heavy industry, with raw materials posting solid percentage gains.

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The reading for factory-gate prices also matched a forecast for a 5.5% increase by the economists.

The producer price index rose 5.5 per cent in May from a year earlier, compared with an estimated 5.6 per cent in a Bloomberg survey and 6.4 per cent increase in April.

A poll of analysts by Reuters saw a 0.2 percent drop in CPI on month, compared to a 0.1 percent increase in April, and a gain of 1.5 percent on year, higher than the 1.2 percent rise in April.

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It was the fastest year-on-year expansion since January this year, but still well below the 3% level targeted by the People's Bank of China.

Over the month PPI slid by 0.3%.

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