The consumer price index (CPI), which is the main indicator of inflation, ChineseHe stopped his progress again It grew by 0.1% year-on-year in April. In March, the indicator had already hit a one-year low, cutting the growth rate from 1% in February to 0.7%. Data presented today by the Office for National Statistics (ONE) was 0.3 points below analysts’ forecast, marking the minimum level since the start of 2021.
ONE statistician Dong Lijuan attributed the 0.6 percentage point drop compared to March data to the “effect of the high comparative base” marked in April 2022, when the CPI was impacted by both the major covid outbreaks and consequent restrictions. Officials within the framework of the ‘zero covid’ policy, which has already been liquidated, as well as the increase in international raw material prices. “In April, market supply was generally adequate and consumer demand gradually recovered,” Dong said. said.
In the comparison made on a monthly basis, consumer prices fell 0.1% Compared to March, it contradicts progress that analysts have announced a growth of 0.1%.
ONE also released today its producer price index (IPP), which measures industrial prices, which fell 3.6% year-on-year in April, 1.1 points more month-on-month and more pronounced than experts had predicted. advanced with a 3% decline. Dong cited “fluctuations in international commodity prices”, “generally weak domestic and foreign market demand” and the comparative base effect as factors behind the PPI decline.