China's CPI up 3.3% year-on-year in April: National Bureau of Statistics

09:37, May 12, 2020

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  What do China's April CPI and PPI indicate?

  The National Bureau of Statistics is scheduled to release the countrys monthly consumer price index (CPI) and Producer Price Index (PPI) on May 12. Due to the coronavirus outbreak, Chinas March CPI grew 4.3 percent with food price index increasing 18.3 percent. Lockdowns, which have influenced logistics, have played a significant role in higher CPI.On the other hand, Chinas March PPI declined by 1.5 percent year on year owing to the lockdown of cities. On April 8, after a two-and-a-half-month lockdown, Hubei Province lifted travel restrictions on Wuhan. Restoring its status and economic vitality symbolizes that Chinas fight against the coronavirus has achieved a certain level of success. China has gradually reopened its cities and economy, therefore, it is expected that China will achieve a better performance on its April CPI and PPI.Although its still too soon to tell when the U-turn point of Chinas economy will happen, some facts indicate a slow recovery in the second quarter.According to data released by the Ministry of Agriculture in April, the price of pork and fresh vegetables fell slightly on a month-on-month basis, while the price growth rate of pork, fresh vegetables and fruits were lower than that of March on a year-on-year basis.Moreover, the domestic epidemic was gradually under control, the logistics and transportation capacity recovered and the weather turned warm. There was no significant upward risk factor for food prices in the second quarter. The economic recession around the world, the oil price decline and the cities lockdown have great impact on tourism, accommodation, flights and other service sectors. Hence the non-food price index will also see a decrease in its growth rate. Considering all these factors, Chinas April CPI may fall to 3.5 to four percent.A consumer(R) selects meat at a supermarket in Handan, north Chinas Hebei Province, April 10, 2020. (Photo: Xinhua)As for PPI in April...

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