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China's inflation rate rises to 5.5%

China's inflation rebounded in May, buoyed by stubbornly high food prices despite signs that interest rate hikes have begun to cool its economy.

Consumer prices rose 5.5% year on year, driven by an 11.7% jump in food costs - up from April's 5.3% rate - and exceeded March's 32-month high of 5.4%. The figure was above the government's 4% target for the year.