May Inflation Likely to Hit 3%

The consumer price index in May is very likely to reach 3 percent while the producer price index may decline, according to a recent Caixin survey.

The median forecast for May CPI is 3 percent, higher than April's 2.8 percent. Twelve institutions out of 20 predicted 3 percent or higher, with the highest forecast at 3.2 percent.

Meanwhile, the median forecast for PPI dropped from 6.4 percent in May, down from 6.8 percent in April.

The survey was conducted from May 28 to June 4 among 20 economists from financial institutions and think tanks.

Most economists predicted a slowdown in industrial production in May compared with April.