China’s Consumer Inflation Hits 15-Month High on Soaring Fruit Prices

(Caixin) China’s consumer price index (CPI) rose 2.7% year-on-year in May, hitting the highest level since last February, official data showed Wednesday. The reading was up from 2.5% growth in April, marking the third straight monthly increase.

The average price of fruits soared 26.7% year-on-year in May, up significantly from 11.9% growth in the previous month, contributing 0.48 percentage points to the CPI growth.

The producer price index (PPI) rose 0.6% year-on-year in May, down from a 0.9% increase in the previous month, according to data from the National Bureau of Statistics.

The CPI measures the prices of a select basket of consumer goods and services, while the PPI tracks the prices of goods circulated among manufacturers and mining companies.

Source: CaixinBy Liu Jiefei | Photo: SCMP