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China's inflation cools in May as COVID lockdowns cloud outlook

Factory-gate inflation rose 6.4%, slowest pace in over a year

People prepare food at a Beijing restaurant: The threat of more lockdowns looms over China's growth picture, and analysts have cast doubt on whether it can hit its 5.5% growth target this year.   © Reuters

SHANGHAI -- Inflationary pressures are easing in China, with data on Friday showing that May factory-gate inflation rose at its slowest pace in more than a year. Consumer prices were flat, while auto sales tumbled for the third month in a row.

The data come a day after better-than-expected trade figures pointed to an upswing in an economy that has been battered by COVID lockdowns in major cities, throwing China's 5.5% growth target for this year into doubt. 

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