2023-05-11 06:45:31
The consumer price index (CPI), the main indicator of inflation in ChinaHe stopped his advance again registering growth of 0.1% year-on-year in April. In March, the indicator had already set its lowest rate in a year by slowing its growth rate from 1% in February to 0.7%. The data offered today by the National Statistics Office (ONE) was 0.3 points below what was predicted by analysts and marks a minimum since the beginning of 2021.
The ONE statistician Dong Lijuan attributed the drop of 0.6 points compared to the March data to the “effect of the high comparative base” marked in April 2022, when the CPI was affected by both large outbreaks of the covid and the consequent restrictions imposed by the authorities within the framework of the already dismantled ‘zero covid’ policy as well as the rise in international prices of raw materials. “In April, the market supply was generally sufficient and consumer demand gradually recovered,” Dong said.
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In the intermonth comparison, consumer prices fell 0.1% compared to those of March, contradicting the advances made by analysts, who had announced growth of 0.1%.
The ONE also published today the producer price index (IPP), which measures industrial prices and which fell 3.6% year-on-year in April, a drop 1.1 points more pronounced than that registered the previous month and more pronounced than predicted by the experts, who advanced a fall of 3%. Dong pointed to “international commodity price fluctuations,” “generally weak domestic and foreign market demand,” and the comparative basis effect as factors behind the PPI decline.
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