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China's inflation holds steady as consumer price index rises and producer price index declines

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China's inflation holds steady as the consumer price index rises, while the producer price index declines.

In a recent report released by the National Bureau of Statistics (NBS), China's inflation remained relatively stable, with the consumer price index (CPI) for May showing a slight uptick of 0.2 percent year on year. This indicates a slightly higher increase compared to April's 0.1 percent.

Conversely, the country's producer price index (PPI), which measures costs for goods at the factory gate, experienced a decline of 4.6 percent year on year in May. The decrease expanded by 1 percentage point compared to April.

Statisticians at the bureau attributed this decline to several factors, including an overall downward trend in international commodity prices, weak demand in domestic and foreign industrial product markets, and a high comparison base from the same period last year.

Despite these economic fluctuations, China's foreign trade has shown resilience and continued growth. The General Administration of Customs reported that China's total imports and exports expanded by 4.7 percent year on year, amounting to 16.77 trillion yuan (approximately 2.44 trillion U.S. dollars) in the first five months of 2023.

During this period, exports witnessed an impressive growth of 8.1 percent year on year, while imports rose by a modest 0.5 percent.

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