China’s CPI up 1.8% in May

2018-06-09
Xinhua

BEIJING — China’s consumer price index, a main gauge of inflation, rose 1.8 percent year on year in May, the same as the CPI growth in April, data from the National Bureau of Statistics showed on June 9.

NBS statistician Sheng Guoqing attributed the CPI rise in May mainly to the carry-over effects, with new price-rising factors contributing only 0.4 percentage point.

Food prices edged up by 0.1 percent, resulting in a growth of 0.01 percentage point in the price index. Nonfood prices rose by 2.2 percent, generating a rise of 1.74 percentage points in the price index.

Although the prices of eggs and vegetables surged by 24.7 percent and 10 percent respectively, and mutton prices jumped by 13.5 percent, the price hikes have been largely offset by the decline in the prices of pork, China’s staple meat, and fruits, according to Sheng.

In May, the prices of pork and fruits dropped by 16.7 percent and 2.7 percent respectively, dragging down the food prices by 0.48 percentage point.

As for nonfood prices, the costs of healthcare products grew by 5.1 percent while that of education and housing jumped by 2.7 percent and 2.2 percent respectively.