China’s March consumer inflation has hit a five-month high due to rising food prices, according to data from the country’s National Bureau of Statistics, said CNBC.
The consumer price index (CPI) in March rose 2.3% from a year ago, the quickest pace since October 2018. It was lower than the 2.4% rise forecast by economists Reuters polled, but higher than February’s 1.5% increase.
Food CPI was up 4.1% on year in March, up sharply from a 0.7% on-year rise in February due to a seasonal rise in vegetable prices and an on-year rise in pork prices, said the statistics bureau. Farmers in China have been culling their hogs in a bid to stem the spread of African swine fever, driving up pork prices.
Non-food CPI was 1.8%, little changed from February’s 1.7% rise on-year.
Producer price inflation (PPI) picked up for the first time in nine months, rising 0.4% from a year ago in March.