China's factory-gate inflation cooled to its slowest pace in 14 months in May, depressed by weak demand for steel, aluminium and other key industrial commodities due to tight COVID-19 curbs and bucking the global trend of rapidly accelerating prices.
The producer price index rose 6.4% year-on-year, the National Bureau of Statistics said on Friday, after an 8.0% rise in April and in line with forecasts in a Reuters poll. It was the weakest reading since March 2021.
"Factory gate inflation will continue on its downward trajectory throughout the rest of the year," said Sheana Yue, China Economist at Capital Economics. China's cabinet in late May announced a package of 33 measures covering fiscal, financial, investment and industrial policies to revive its economy.Last month, widespread COVID-19 lockdowns shut factories and stores, choking purchases of metals-intensive products from cars to appliances.
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