May Inflation Hits 3.1%

(Beijing) - The consumer price index accelerated to 3.1 percent year-on-year in May from 2.8 percent in April, which saw the highest retail price hike since November 2008.

The May figure was higher than the 3 percent median forecast of 20 economists, surveyed by Caixin Media between May 28 and June 4.

Lian Ping, chief economist at the Bank of Communications, said that CPI is likely to peak in the middle of the year and go downhill in the latter half of the year. Lian said he believes inflation will be within the 3 percent annual upper limit set by the government.