China’s consumer inflation edged up in May from a year earlier, as the global oil shock linked to the US-Israel war on Iran helped alleviate some of the price effects from persistent weaknesses in household spending.The consumer price index (CPI), a key gauge of inflation, rose by 1.2 per cent year on year in May, according to data from the National Bureau of Statistics (NBS) released on Wednesday.The reading fell slightly short of the 1.3 per cent increase forecast by economists polled by...