China May CPI 1.3% y/y (vs. expected 1.6%) and PPI 9.0% y/y (vs. expected 8.5%)

Inflation data from China for May 2021

CPI 1.3% y/y

  • expected 1.6% y/y, prior 0.9%
  • food prices expected to fall, pork prices continue to plunge
  • for the month/month -0.2%

PPI 9.0% y/y, higher than the median estimate and fastest since 2008

  • expected 8.5%, prior 6.8%
  • impacted by rising commodity prices
  • for the m/m, +1.6%

Consumer-level inflation down a little but producer level inflation up very quickly indeed. PPI not flowing through to CPI this month at least though.