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Can PPI, CPI as US rates hit, food prices spike



A Chinese customer rests as he stands in a store in a shopping area on January 20, 2015 in central Beijing, China.

Kevin Frayer | Stringer | Getty Images

China's consumer inflation rose in May to peak for 15 months, as food prices spiked due to persistently high pig prices, data from the National Bureau of Statistics showed on Wednesday.

Consumer price index (CPI) in May rose 2.7% from a year ago, the highest since February last year and in line with expectations of the economists' demand by Reuters.

Food prices rose in May from 7.7% in May from a year ago, while non-food prices rose 1

.7% this year. Especially fresh fruit prices rose 26.7% in May from a year ago due to weather-related factors. They rose 14.8% from April.

Pork prices in China have been consistently high this year, when African swine fever hit pig herds in the country. Pork prices rose 18.2% from a year ago in May, the statistical agency said.

While Chinese diners – accounting for half the world's pork consumption – may be disturbed by higher prices, developments are not something that would cause wider market panic, said Bo Zhuang, chief economist at TS Lombard.

"Chinese pig courses have been on a roller coaster for the last decade," Zhuang told CNBC.

The Chinese government said earlier this year that Chinese pork prices are expected to jump over 70% from a year ago. [19659002] However, this scenario is not unheard of as pork products used to jump 50% to 60% some years ago, so consumers will simply switch to other meats such as chicken, beef or barely, Zhuang said.

At the same time, producer price produced inflation (PPI) – a measure of industrial profitability – rose 0.6% in May from a year ago, in line with expectations.

The latest series of economic data came in the midst of a trade battle between the world's two largest economies.

So far, the US has spent $ 250 billion in Chinese products, while Beijing has set $ 110 billion in US goods. President Donald Trump has threatened to introduce separate tariffs of over $ 300 billion in Chinese goods that are currently not taxed.


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