China's inflation steady at 1.2% in May

China's consumer prices logged a steady growth in May and producer price inflation accelerated, official data showed Wednesday.

Consumer prices increased 1.2% year-on-year in May, the same rate as seen in April, the National Bureau of Statistics said. This was slightly weaker than forecast of 1.3%.

Core inflation that excludes food and energy slowed to 1.1% from 1.2% in the previous month.

On a monthly basis, consumer prices dropped 0.1% in May. Economists had forecast a monthly fall of 0.2%.

Another report from the NBS showed that producer prices advanced 3.9% after climbing 2.8% in April. The rate came in line with expectations.