China May CPI up 2.1 pct, PPI down 2.9 pct

China's consumer price index, a gauge of inflation, rose 2.1 percent year-on-year in May, a slight drop on April's 2.4 percent. That's according to data released on Sunday by the National Bureau of Statistics.

Food prices increased 3.2 percent, while non-food prices rose by 1.6 percent. The average index from January to May has risen by 2.4 percent compared to the same period last year.

Meanwhile China's producer price index, or PPI, which measures inflation at the wholesale level, fell 2.9 percent year on year in May. It's the 8th continuous monthly fall in the PPI.