China's consumer inflation expected to further moderate: spokesperson
China's consumer price index (CPI), a main gauge of inflation, is expected to further narrow later this year, an official said Tuesday.
China has a solid foundation for keeping consumer prices stable as its room for macro policies is ample, the restoration of industrial and agricultural production progresses well and the supply of major consumer products remains sufficient, Meng Wei, spokesperson with the National Development and Reform Commission, told a press conference.
In the next half of the year, food prices, accounting for nearly one-third of China's CPI, will generally remain steady despite expected seasonal price fluctuations for vegetables and fruits, according to Meng.
Pork prices are forecast to further retreat with likely fluctuations due to seasonal or holiday factors, she said, noting that the resumption of hog production enjoys upbeat momentum and the number of piglets born in farms has been increasing for months.
Official data showed that China's CPI rose 2.4 percent year on year in May, moderating from the 3.3-percent growth in April. In the first five months, the CPI went up 4.1 percent year on year on average.
China has set its CPI growth target at around 3.5 percent for 2020, according to a government work report.