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China’s inflation hits 15M peak as food prices surge

China’s inflation hits 15M peak as food prices surge

Mubasher: China’s inflation hit its highest level in 15 months in May, as food costs soared, according to official data released on Wednesday.

Consumer price index (CPI) rose by 2.7% last May on an annualised basis, the highest reading since February last year, China’s National Bureau of Statistics (NBS) said.

Food prices jumped by 7.7% year-on-year last month, most specifically on the back of a surge of 26.7% in fresh fruit prices against a backdrop of weather-related factors.

In addition, a spike in pork prices has persisted so far this year, with the latest rise of 18.2% in May, as China is grappling with the outbreak of African swine fever.

Earlier this year, the Chinese government projected pork prices to soar by more than 70% year-on-year.

Moreover, non-food costs went up by 1.7% year-on-year.

On a side note, producer price inflation (PPI), which traces industrial profitability, edged up by 0.6% last month from a year ago.

By 8:19 am GMT, the Chinese yuan (CNY) ticked up by 0.06% against the US dollar to CNY 6.9153.