China CPI eases in April as vegetable prices kept in checkJune 9, 2016
China CPI eases in April as vegetable prices kept in check
Investing.com – Chian said Thursday that CPI data for May showed a drop of 0.5% month-on-month, more than the 0.2% fall seen, and 2.0% gain year-on-year, less than the 2.3% increases expected, while producer prices eased 2.8%, less than the 3.3% year-on-year drop expected.
China attributed the drop in consumer inflation to falling vegetable prices, which only rose 6.4% year-on-year in May, down sharply from a 22.6% increase in April.
The PBOC in its mid-year economic forecasts released Wednesday revised up its 2016 CPI growth forecast to 2.4% from previous projection of 1.7%.
The government set the CPI growth target at about 3.0% for 2016, which serves as the ceiling for Premier Li Keqiang’s reasonable range for the economy.