10 June 2013 03:27 [Source: ICIS news]
SINGAPORE (ICIS)--China’s consumer price index (CPI) increased by 2.1% year on year in May, but down by 0.6% month on month because of falling vegetable prices, official data from the country’s National Bureau of Statistics (NBS) showed on 9 June.
The average level of CPI during January to May also increased by 2.4% year on year, the data showed.
Food and grain price increases have contributed to the CPI increase year on year. In May, food prices rose by 3.2% year on year, while grain prices climbed by 5.1% year on year, according to the data.
However, “CPI data decreased month on month in May mainly because of dropping fresh vegetables prices resulted from ample supply with the temperature going up,” said Yu Qiumei, a senior statistician from NBS.
Fresh vegetable prices fell largely by 13.8% month on month, which impacted about 0.5 percentage points in CPI drops month on month.
The vegetable price drops differed from various regions in China, north and northeast regions dropped significantly by around 20%, while the southwest region only fell by 5%, Yu said.
Meanwhile, NBS also announced the producer price index (PPI) declined by 2.9% year on year and down by 0.6% month on month.
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