China's factory gate prices fell in May due to weak global demand
China's consumer price index rose 2.4% in May from a year earlier.Customers purchase goods at a supermarket on December 9, 2016 in Hangzhou, China.The producer price index fell 3.7% from a year earlier in May, according to data from the country's National Bureau of Statistics. That was sharper than the 3.3% decline expected by economists polled by Reuters.
Negative PPI is expected to persist for some time to due weak demand, said Teck Kin Suan, United Overseas Bank's head of research.In May, China's consumer price index rose 2.4% from a year earlier, that's less than the 2.7% rise economists polled by Reuters had expected. Economists at Capital Economics said in note after the data release that a ramp-up in policy stimulus to support the economy will likely help ease price pressures in the months ahead.
"A pick-up in infrastructure construction looks set to drive a rebound in producer prices, which are highly correlated with commodity prices," said Julian Evans-Pritchard and Martin Rasmussen.Last month, food prices were 10.6% higher than a year ago, but down 3.5% from April as production recovered. Pork prices rose 81.7% in May from a year ago, but were down 8.1% from April.
China's hog herds have been decimated by the African Swine Fever virus, but the country has been importing more of the protein.
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