China’s CPI up 0.7 pct in March

BEIJING, 11th April, 2023 (WAM) – The National Bureau of Statistics (NBS) reported that China’s consumer price index (CPI), a primary measure of inflation, rose by 0.7 percent year-on-year in March, which is lower than the 1-percent increase observed in February.

Xinhua news agency quoted the NBS as saying that on a monthly basis, consumer prices fell by 0.3 percent, narrowing 0.2 percentage points from the previous month. Dong Lijuan, a statistician with the NBS, attributed the mild inflation mainly to the ample supply in the consumer market, as the social production and living order continued to recover in March.

The data revealed that food prices dropped by 1.4 percent month on month, easing monthly consumer inflation by approximately 0.27 percentage points. The abundant supply of vegetables and pork, a staple meat, played a significant role in dragging down the overall price level. Non-food prices remained flat in March, up from the 0.2-percent decline in February, buoyed by the growing demand for travel and increased clothing expenses.

Dong stated that the country’s core CPI, which excludes food and energy prices, increased by 0.7 percent from a year ago last month, up from 0.6 percent seen in February. Tuesday’s data also showed that China’s producer price index, which measures costs for goods at the factory gate, decreased by 2.5 percent year-on-year in March.