MojNews- Inflation in China rose to its highest level in more than a year in May driven by surges in prices due to the African swine fever epidemic and bad weather, official data showed Wednesday.
But while prices are increasing, demand remains weak because of the trade war with the United States and economic uncertainty.
The consumer price index (CPI) — a key gauge of retail inflation — hit ۲.۷ percent, the National Bureau of Statistics (NBS) said, compared with ۲.۵ percent in April and the highest since February ۲۰۱۸.
The data was in line with a forecast of analysts polled by Bloomberg News.
The rise was “largely the result of renewed acceleration in food price inflation,” and supply disruptions caused by African swine fever, Capital Economics said in a note.
Beijing’s official statistics say around one million pigs have been killed since the first outbreak in August — but that is widely considered to be an underestimate.