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China Inflation May 2020

China: Weak demand due to the pandemic continues to soften price pressures in May

Consumer prices fell 0.8% over the previous month in May, following April’s 0.9 % decrease. The print mostly reflected lower prices for food, tobacco and alcohol, especially for fresh vegetables and pork.

Inflation plunged from 3.3% in April to 2.4% in May. The print was below the 2.6% that market analysts had expected and was the lowest reading in 14 months. Annual average inflation inched down from 3.8% in April to 3.7% in May.

Annual producer prices (PPI), meanwhile, fell 3.7% year-on-year in May. The print exceeded both the 3.1% drop in April and the 3.2% decrease that market analysts had expected. The decline mostly reflected a sharp drop in prices for extraction of petroleum and natural gas.

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