Chinese consumer inflation rose at the lowest rate since September 2021 in March, as food prices fell, official data shows.
The National Bureau of Statistics reported that the consumer price index (CPI) for the month rose 0.7% year-over-year, compared to the 1.0% annual increase seen in February (NBS). The result fell short of the Reuters poll’s median estimate of a 1.0% increase.
After a 0.5% drop in February, the CPI fell 0.3% from the previous month, slower than the forecast of no change.
The government has set a target of a 3% average increase in consumer prices by 2023. In 2022, prices increased by 2% on an annual basis.
The producer price index (PPI) decreased 2.5% from a year ago, compared to a decline of 1.4% in February. It was consistent with a Reuters poll’s prediction.
The PPI remained unchanged from the previous month, in accordance with the previous month’s level.
Recent data revealed that China’s economic recovery remained uneven in March, with the services sector experiencing a robust recovery but the expansive manufacturing sector losing momentum due to persistently lackluster export orders.