China consumer price index up by 2.1% y/y in May 2022
China's consumer inflation, measured by the consumer price index (CPI), went up by 2.1% y/y in May, matching the pace of April. It stayed at the highest level since November 2021. All the 8 components of the CPI basket recorded elevated prices in May. Among which, transportation and communications posted the highest y/y increase of 6.2%, largely due to the rising oil prices.
The prices for food, tobacco, and alcohol category continued to go up, increasing by 2.1% y/y in May. Elevated prices for fresh vegetables as well as fresh fruit were two major drivers for the overall increase in food prices. The price for fresh vegetables went up by 11.6% y/y, driving the CPI up by 0.22pp. The price for fresh fruit went up by 19% y/y, driving the CPI up by 0.36pp. China's core CPI, excluding volatile food and energy prices, increased by 0.9% y/y, matching the pace of the previous month.
Further data and analysis on China's economy are available on the CEIC China Economy in a Snapshot – Q2 2022 report.