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A shopper at a supermarket in east China's Jiangsu Province, April 11, 2023. /CFP
China's consumer price index (CPI), a leading measure of inflation, rose 0.7 percent in March, year-on-year, data from the National Bureau of Statistics (NBS) showed on Tuesday.
Senior NBS statistician Dong Lijuan attributed the increase to the continued recovery of production and residents' daily activities, and sufficient supply in the consumer market.
Food prices, in particular, rose by 2.4 percent, a decrease of 0.2 percentage points from February. In the non-food category, service prices rose 0.8 percent. Notably, flight prices rocketed 37 percent as travel demand heats up.
The core CPI, which excludes food and energy prices, rose by 0.7 percent year-on-year, an increase of 0.1 percentage points from the previous month.
"The non-food category CPI and the core CPI are expected to fluctuate and remain at low levels this year, while the relatively limited inflationary pressure will still not constrain macro policies such as monetary policy," Pang Ming, chief economist and head of research for Greater China at JLL told CGTN.
China has set an inflation target of about 3 percent in 2023, following a 2 percent increase in 2022.
Factory prices down
Meanwhile, China's producer price index (PPI) went down 2.5 percent in March, year on year, the biggest drop in three years, data from the NBS showed.
Pang attributed the extended drop to the high comparison bases of major resources resulted from the Russian-Ukraine conflict last year.
"PPI is likely to bear the burden in the near future," said Pang, noting the external challenges of weak global demand and the relatively slow pace of effective domestic demand recovery.
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Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466