BUSINESS China's CPI remains steady in April; PPI beat forecast to jump 6.8%

BUSINESS

China's CPI remains steady in April; PPI beat forecast to jump 6.8%

By Global Times | Global Times

12:40, May 11, 2021

A citizen buys vegetables at a supermarket in Handan City, north China's Hebei Province, Jan. 9, 2020. China's consumer price index (CPI), a main gauge of inflation, rose 2.9 percent year on year in 2019, within government target of 3 percent, official data showed Thursday. (Photo: Xinhua)

China’s overall consumer inflation maintained a steady trend in April, with a 0.9 percent gain year-on-year, while producer prices continued on an upward trend due to high international bulk commodity prices, official data showed on Tuesday.

The consumer price index (CPI), a main gauge of inflation, went up 0.9 percent in April from the prior year, an increase of 0.5 percentage point month-on-month, according to figures unveiled by the National Bureau of Statistics (NBS).

Non-food price rose 1.3 percent year-on-year in April, contributing about 1.05 percentage points to CPI expansion, Dong Lijuan, a senior statistician with the NBS, explained in a statement posted on the bureau’s website on Tuesday.

Due to the joint effect of effective control of the pandemic and holidays, travel figures continued to rise. The price of air ticket, gasoline and diesel jumped 26.9 percent, 20.1 percent and 21.9 percent last month, respectively, according to the NBS.

Along with the recovery of live hog output and a drop-in demand, the price of pork plunged 21.4 percent year-on-year in April, an expansion of 3 percentage points month-on-month.

The producer price index (PPI), a measure of factory gate prices, kept an uptrend in yearly terms.

The PPI rallied 6.8 percent in April year-on-year, beating analysts’ forecast of a 6.5 percent rise and an increase of 4.4 percent in March.

Reflecting on the PPI upsurge on a yearly basis, Dong said that manufacturing material prices rose 9.1 percent in April, quickening by 3.3 percentage points from the month before, while prices of consumer goods also edged up 0.3 percent in April.

Among the industries that saw bigger price increases were petroleum and natural gas extraction, smelting and pressing of both ferrous and nonferrous metals, and chemical raw materials and chemical product manufacturing, the statement said.

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