郑州屈小丽双眼皮口碑:中国5月CPI创近三年新高 Inflation in China hits 34

Consumer inflation in China rose to its highest level in nearly three years in May, up 5.5 per cent from a year earlier, according to government figures released on Tuesday.

据今日发布的政府数据显示，中国5月份居民消费价格指数(CPI)创下了近三年来的新高，同比上涨了5.5%。

The benchmark consumer price index accelerated from the 5.3 per cent year-on-year rise recorded in April, despite government efforts to rein in liquidity and slow price rises.

尽管政府努力控制流动性与物价上涨，但基准CPI的增速还是较4月份5.3%的同比涨幅更快。

Persistent inflationary pressure means Beijing is unlikely to let up on its current round of monetary tightening even though the overall economy appears to be cooling.

持续不减的通胀压力意味着，即便总体经济似乎已经降温，但北京不大可能会停止当前这轮货币收紧操作。

Since October, China’s central bank has raised benchmark interest rates on four occasions and increased the proportion of deposits that banks must hold in reserve eight times. It has also used less orthodox tools, including loan quota restrictions for banks to slow their lending.

自10月份以来，中国央行已4次上调基准利率，8次提高银行存款准备金率。除此之外，它还使用了贷款配额等非常规工具，以推动银行减缓放贷。

These policies have started to take effect, with total new bank loans in China in May reaching Rmb551.6bn ($85.1bn), well below April’s Rmb740bn or Rmb639bn for the same month a year earlier.

这些政策已经开始发挥效用，中国5月份银行新增贷款总额5516亿元人民币（合851亿美元），远低于4月份的7400亿元人民币及去年同期的6390亿元人民币。

In other signs that the economy is gently slowing, industrial output moderated to a 13.3 per cent year-on-year increase in May, down from 13.4 per cent in April. Meanwhile, retail sales rose 16.9 per cent from a year earlier, down from 17.1 per cent in April.

其它表明经济正逐步放缓的迹象包括：5月份工业产出同比涨幅放缓至13.3%，低于4月份的13.4%。此外，零售销售同比上涨16.9%，也低于4月份的17.1%。

These figures will reassure Beijing that tightening measures have not been too harsh and that efforts to cool the economy and bring down inflation are not likely to cause a “hard landing”.

这些数字令中国政府感到放心的一点是，紧缩措施并没有过度严厉，旨在冷却经济、降低通胀的各种措施，不太可能导致经济“硬着陆”。

Most economists expect price rises to peak over the next two months, as the tightening measures start to work, and to moderate until the end of the year.

大多数经济学家预计，随着紧缩措施开始发挥作用，物价涨幅将在接下来的两个月中攀顶，随后逐渐减缓，直到年底。

But for now, Beijing will remain vigilant about the possibility of further inflation spikes that could exacerbate general discontent and spill over into popular protests against Communist Party rule.

但就目前而言，中国政府将对通胀可能继续攀升保持警惕，因为它会加剧社会普遍存在的不满情绪，甚至发展成反对中国共产党统治的抗议活动。

Food price increases are particularly sensitive because of the disproportionate impact they have on low-income parts of society. In May, food inflation hit 11.7 per cent, up from 11.5 per cent in April.

5月食品价格上涨11.7%，高于4月份的11.5%。食品价格上涨是最为敏感的，因为它对社会低收入群体影响尤甚。

China’s producer price index rose 6.8 per cent from a year earlier in May, unchanged from April’s 6.8 per cent rise and higher than most economists had predicted.

中国生产者物价指数5月环比上涨6.8%，与4月份6.8%的涨幅持平，高于大多数经济学家的预期。