Consumer inflation to slow in 2020
China's consumer inflation is set to grow at a slower pace for the rest of this year, with the overall price operation level remaining in a reasonable range, the country's top economic regulator said on Tuesday.
"China's CPI growth is expected to go low from high in 2020," said Meng Wei, a spokeswoman for the National Development and Reform Commission.
Meng said at a news conference that China has ample policy tools and a strong domestic market to support economic growth. "China's economy is highly resilient and has much potential. And the gradual resumption of work in industrial and agriculture sectors and the adequate supply of various consumer goods provide a solid foundation for price stability."
China's consumer inflation eased to a 14-month low in May due to the resumption of production and transportation of fresh agricultural products, adequate supply of fresh vegetables and the improving pig production.
Consumer price index, a main gauge of inflation, went up 2.4 percent year-on-year in May, 0.9 percentage points lower than the previous month. Core CPI, which excludes the prices of food and energy, increased 1.1 percent, the same level as April.
NDRC data showed pork prices in 36 large and medium-sized cities have fallen more than 20 percent from their peak prices in mid-February. And the average prices of 15 kinds of vegetables dropped more than 40 percent from peak prices at the end of January.
Meng said various regions and departments have taken effective measures to speed up the production and boost the supply of live pigs. "With the gradual recovery in hog supply, pork prices will gradually fall in the next half of the year."
