The consumer-price index, which measures what Americans pay for everything from alcohol to lawn mowers, fell 0.1% in May after declining a seasonally adjusted 0.8% in April, the Labor Department said Wednesday. The PPI figure was worse than the 3.2-percent drop expected by analysts in a Bloomberg survey, and was deeper than April's 3.1 percent contraction―underscoring the stress faced by manufacturers as China's economy churns back to life after pandemic lockdowns. "The larger-than-expected drop in inflation could also alleviate some recent fears in the bond markets", they said. The NBS said pork prices accounted for 1.98 percentage points of the overall increase in the CPI.
In the first five months of this year, CPI went up 4.1 percent year on year on average.
United States consumer prices fell for a third straight month in May as the coronavirus pandemic continued to weigh on demand. "This should continue to drag down headline consumer price inflation". That amounted to 2.4 percent in May on an annual basis, compared to 3.3 percent in April. Therefore, core inflation was only 1.2 percent year-on-year in May.
The core CPI, which excludes the volatile costs of food and fuel, fell 0.1% in May after a 0.4% decline in April.
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Month-on-month PPI is also showing an improvement, with the decline in the index narrowing to 0.4% in May from 1.3% the previous month and the highest reading since January, suggesting industrial demand is picking up as the economy recovers from the Covid-19 epidemic. The PPI reflects prices that factories charge wholesalers for their products.
China's consumer inflation eased in May on retreating food prices while factory prices continued to drop, official data showed Wednesday.
Chinese producer prices fell again considerably in May, mainly due to lower prices in the oil and energy sector.