China’s CPI Rises Steadily, PPI Increase Slows Down

According to China’s National Bureau of Statistics (NBS), the consumer price index (CPI) rose by 2.1% year-on-year in May. This was the same growth as in April with 2.1%.

The Producer Price Index (PPI) rose 6.4% in May year on year, which slowed down from 8% in April.

The PPI rose at its slowest rate in 14 months in May as demand for metals, aluminum and other manufactured goods weakened.

China imposed a two-month lockdown on Shanghai before announcing the end of the measure on June 1. However, recently the Shanghai Municipal Government has ordered new lockdown measures to be imposed.

Goldman Sachs has lowered its growth forecast for Chinese gross domestic product (GDP) in 2022 from 4.5% to 4%. This is below the target of 5.5% set by the Chinese government.

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