Consumer confidence slips in Q1

China’s consumer confidence index fell by 1.7 points over the first three months of this year, state media reported. The index, measured by the National Bureau of Statistics, reached an 18-month low of 94.3 in February, when consumer price inflation reached 8.7%. The index recovered to 94.8 at the end of March. Asian Development Bank economist Zhuang Jian pointed to concerns over inflation and general economic uncertainty as possible reasons for the downturn, saying that they "have cast a cloud over confidence." However, he said the drop was still moderate, and would not have a substantial effect on consumer spending in coming months.