The orderly restoration of work and production amid a generally stable COVID-19 situation helped moderate consumer inflation, according to Dong Lijuan, a senior statistician with the bureau.
The consumer price index (CPI), which measures the prices of a basket of consumer goods and services, rose 2.4% year-on-year, the fourth straight monthly decline and down from a 3.3% pace in April, data (link in Chinese) from the National Bureau of Statistics (NBS) showed. Martin Rasmussen of Capital Economics noted the PPI change was driven by "an across-the-board decline in raw materials, manufactured goods and consumer goods price inflation".
Meanwhile, the producer price index fell 3.7% in May - a four-year low - compared to a 3.1% drop in April and expectations for a 3.3% decline, amid subdued demand. "This should continue to drag down headline consumer price inflation". The food index, in contrast, increased 0.7 percent in May as the index for food at home rose 1.0 percent.
That was largely due to slowing food prices, which rose 10.6% in May from a year earlier, versus a 14.8% rise in April. That amounted to 2.4 percent in May on an annual basis, compared to 3.3 percent in April.
JK Rowling's tweets on transgender people spark outrage
And as Rowling tried to defend herself, it only worsened things as enraged people pointed that it was also the pride month. But force women out of their jobs for stating that sex is real? "It isn't hate to speak the truth", Rowling tweeted.
Republican senators respond to James Mattis' statement regarding leadership of President Trump
President Donald Trump and some his current and former Republican colleagues over the President's handling of the protests. Esper said he also regretted urging governors on Monday to "dominate the battlespace" when dealing with protests.
Djokovic thinking of skipping US Open for French Open prep
His argument there is not really valid for the rest of the draw apart from the real top guys. The Serb suggested economic factors were behind the push to play the tournament.
"This is the first time this index has ever declined in three consecutive months", the Labor Department said, referring to core prices.
In the first five months, the average PPI fell by 1.7 percent over the same period a year ago.
The scant inflation also will reinforce the Federal Reserve's willingness to pump liquidity into the economy to insulate it from shocks caused by the pandemic, since there are no signs that policy is boosting prices as it would be expected to do in a healthy economy. "The larger-than-expected drop in inflation could also alleviate some recent fears in the bond markets", Lu said.