China’s consumer price index, a key measure of inflation, rose 0.1% year-on-year in April, the lowest rate since February 2021, and from 0.7% in March , according to the National Bureau of Statistics of China.
The data missed the average forecast of experts polled by Reuters, up 0.4%.
The contraction in the producer price index deepened in the past month, highlighting the struggle of factories and the Chinese macroeconomy as it seeks to recover from the lifting of Corona restrictions in December.
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p class=””>And the National Statistics Authority reported, according to China News Agency (Xinhua), that China’s Producer Price Index, which measures the cost of goods leaving the factory, fell. for the seventh consecutive month, and at the fastest pace since May 2020, of 3.6% on an annual basis in April, after a drop of 2.5% in the previous March. This compared to expectations of a 3.2% decline.
China’s economy grew faster than expected in the first quarter thanks to the lifting of Corona restrictions in December, but the recovery has been uneven as recent data showed declining factory activity and falling imports in April.
And last April, official data showed that China’s economy recorded higher-than-expected growth in the first quarter, rising 4.5% on an annual basis, supported by policymakers’ decision to boost economic growth. growth after the removal of strict restrictions to fight Covid-19 in December.
On a quarterly basis, data released by the National Bureau of Statistics showed gross domestic product grew 2.2% in the January-March period.
And data from China Customs on Tuesday showed exports rose 8.5% last month, year-on-year, to $295.42 billion, down from a 14.8% increase. in March, and Chinese imports fell 7.9% year on year. base in April at $205.21 billion. China’s trade surplus totaled $90.2 billion in April from $88.19 billion in March.
The reopening of the economy likely put some upward pressure on services inflation, but this was more than offset by slower growth in food and energy prices.
On a monthly basis, the producer price index fell 0.5% after remaining flat the previous month, while the consumer price index fell 0.1% in April after falling 0.3% in March, which is greater than zero according to a Reuters poll.
Headline inflationary pressures remained subdued, with core consumer inflation, which excludes volatility in food and energy prices, rising 0.7%, unchanged from the previous month.
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