China’s May PPI +6.4% y/y, CPI +2.1% y/y -Breaking
BEIJING (Reuters – China’s factory inflation slowed down in May, according to Friday’s official data. The decline was caused by low demand for steel, aluminum, and other important industrial commodities because of tight COVID-19 restrictions.
After the 8.0% increase in April and according to forecasts by Reuters, the producer price index (PPI), rose 6.4% in a year-on-year.
Consumer price index (CPI), which was 2.1% higher than a year ago in May, is the same growth as April’s. According to Reuters, CPI is expected to increase 2.2%.
Due to COVID-19 strict controls that disrupt supply chains, reduce production, and increase consumption, the second-largest country in the world has seen a significant slowdown over recent months.