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May inflation is seen on the rise

China's inflation rate will continue to rise in May despite lower food prices, according to a research note by the Bank of Communications. The consumer price index, a main gauge of inflation, will increase 1.4-1.6 percent year-on-year in May, the report said. The projected growth was expected to be faster than the 1.2-percent expansion registered in April and 0.9 percent in March. The bank projected the higher inflation rate, while predicting food price growth would slow markedly. In the second half of the year, weaker demand and tighter currency liquidity would continue to weigh on consumer prices, but climbing labor costs and a shifting economic structure were seen lifting the prices of services to offset the downward pressure, the research note said.

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