CHINA
Inflation Eases Slightly in May: The rate slowed to 20.3% from April’s 20.7%, the state-run New China News Agency reported. May’s consumer price index was still well above the government’s target of 15% for the year. In China’s 35 biggest cities, prices for goods and services rose 19.7% in May over the same month last year, New China said. Government officials have blamed soaring demand for food and excessive investment in machinery for inflation. To curb it, they have imposed price controls on staples, ordered more investment in agriculture and tightened the money supply.
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