China’s April CPI up 0.3%; PPI decline narrows

China’s consumer price index (CPI), a main gauge of inflation, edged up 0.3 percent year on year in April, data from the National Bureau of Statistics (NBS) showed on Saturday.

Locals shopping in a supermarket in Nanjing, Jiangsu Province, China, May 11, 2024. /CFP

Locals shopping in a supermarket in Nanjing, Jiangsu Province, China, May 11, 2024. /CFP

On a monthly basis, the CPI rose 0.1 percent in April, reversing the 1 percent fall from the previous month.

The core CPI, deducting food and energy prices, rose 0.7 percent year on year last month, expanding 0.1 percentage point from March.

Meanwhile, China’s producer price index (PPI), which measures costs for goods at the factory gate, slipped 2.5 percent year on year in April, according to the NBS. The decrease narrowed from a 2.8 percent decline in the previous month.

Workers at a manufacturing enterprise in Suzhou, Jiangsu Province, China, October 23, 2023. /CFP

Workers at a manufacturing enterprise in Suzhou, Jiangsu Province, China, October 23, 2023. /CFP

The latest CPI and PPI data points to continued improvement in China’s growth momentum and consumer demand, Bruce Pang, chief economist and head of research at JLL Greater China, told CGTN in a note.

Riding the positive momentum, policymakers could further boost consumption, investment and demand – particularly domestic demand – by strengthening the management of market expectations, creating more opportunities for consumption, and implementing the action plan to promote large-scale equipment renewal and trade-in of consumer goods, he added.

(With input from Xinhua)