Retail sales in China rose 3.7% in May from a year ago, up from April’s increase of 2.3%, data from the National Bureau of statistics showed on Monday.

Retail sales increased 4.1% year on year in the first five months, according to the data.

Retail sales excluding cars grew 4.7% in May.

Online retail sales increased 12.4% in the January-May period compared to the same time last year.

The increase in May was attributed to the May Day holiday and online sales promotion.

Industrial output rose 5.6% in May from a year earlier, down from April’s increase of 6.7%, official data showed on Monday.

Output edged up 0.3% month on month in May.

Spokesperson from the National Bureau of Statistics said 80% of industries and nearly 60% of products registered output increases in May fro a year ago.

China’s fixed asset investment grew 4% year on year in the first five months of the year, official data showed.

The growth slowed from an increase of 4.2% in the first four months of 2024.

Investment in infrastructure construction rose 5.7% from a year ago while investment in manufacturing rose 9.6%.

China’s property investment dropped 10.1% year on year in the first five months of the year, data from the National Bureau of Statistics showed on Monday.

Meanwhile home prices kept falling in major Chinese cities in May. New home prices fell 3.2% year on year in China’s biggest four cities last month. Existing home prices fell 9.3% in those four cities.

New home prices fell 3.7% and 4.9% year on year in second- and third-tier cities respectively. Existing homes saw deeper drop in smaller cities with second- and third-tier reporting declines of 7.5% and 7.3% respectively.

China left benchmark interest rates steady on Thursday.

The one-year loan prime rate (LPR) was kept at 3.45%, unchanged from the previous month.

The over-five-year LPR was left at 3.95%.

China issued 11.14 trillion yuan in new yuan loans in the first five months of the year, separate data showed on Friday.

Inflation in the U.K. hit the Bank of England’s target for the first time in nearly three years.

Consumer prices rose 2% in the 12 months to May, down from 2.3% in April, official data showed.

The drop was driven by a fall in prices for food and soft drinks.

U.S. retail sales rose 0.1% in May from the previous month, data from the Commerce Department showed on Tuesday.

Sales increased 2.3% in the year to May.

Sales excluding autos dipped 0.1%.

Online sales edged up 0.8% while sales at restaurants and bars fell 0.4%.

The Federal Reserve left interest rates unchanged after a two-day policy meeting.

Fed Chair Jerome Powell said policymakers were content to leave rates unchanged until the economy sends a clear signal.

Consumer prices remained unchanged in May, data published hours before the Fed decision showed.

Argentina’s inflation rises 276.4% in the 12 months to May, down from April’s 279.4%, official data showed. 

Prices rose 4.2% on a monthly basis, the lowest since 2022.

Australia’s central bank held interest rates steady on Tuesday.

The Reserve Bank of Australia kept rates at 4.35%, a 12-year high.

The rates have been left unchanged since a hike in November last year.