2024-04-13 06:31:51
The consumer price index (inflation indicator) in China in January – March was at the same level as in the same period last year. This was reported by the State Statistical Office (GSO) of the People’s Republic of China, Day.Az reports with reference to TASS.
According to the department’s disseminated report, this figure in Chinese cities for three months was 0% year on year, and in rural areas decreased by 0.1%, demonstrating weak deflation.
The average level of food prices in the country dropped by 3.2% compared to January – March 2023, and for other goods increased by 0.7%. As for consumer products, there was a decrease of 0.7%. In the service sector, inflation was 1.1%.
As specified in the document, over the specified period of time, the index in the Chinese residential real estate rental sector reached 0.2% on an annualized basis, and deflation was observed in the field of transport and telecommunications (minus 1.4%). The average cost of pork (a key component of the national consumer basket) fell by 7%. In the medical services segment, the inflation rate reached 1.4%.
It follows from the report that in the list of basic food products in January – March, a decrease in the price level for fruits was recorded (7.3%). As for vegetables, they fell in price by 3.9%, alcohol – by 0.9%.
According to management statistics, China’s consumer price index was 2% in 2022. In 2023, the inflation rate fell to 0.2%, well below the government’s target of 3%.