China’s CPI up 2.3%, PPI gain 0.4% in March, broadly within expectations

March's consumer prices and producer prices did not surprise as the African swine fever drove the prices of pork higher while the rebounding factory prices reflected green shoots of an economy on a recovery.

Consumer prices and producer prices in China were broadly in line with expectations for March, bearing no surprises as the African swine fever drove the prices of pork higher while the rebounding factory prices reflected green shoots of an economy on a recovery.

The Consumer Price Index (CPI) for March was up 2.3% from a year ago, higher than the 1.5% gain in the previous month, China’s National Bureau of Statistics said on Thursday. Analysts had expected a 2.3% gain for March.

Prices of industrial products for the domestic market firmed up slightly from the previous month, with the Producer Price Index up 0.4% in March on a year-on-year basis, in line with market expectations. In February, producer prices were at a positive 0.1%.

Experts had predicted for a bigger jump in CPI from February to March due to higher food prices for food items such as pork and higher oil prices.

Meanwhile, producer prices were expected to increase due to higher commodity prices.

China’s consumer inflation target for this year is at around 3.0%, in the same pace of increase as the previous year.

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