Chinas inflation eases but grew 3.3% in April
The price of pork, one of the most sought-after products by Chinese consumers, continued to rise and increased by 96.9 per cent year-on-year last month (it rose 116.4 per cent year-on-year in March and 135 per cent in February) as its production has been affected by an outbreak of African swine fever that has decimated the pig population in the Asian country.
China's Consumer Price Index (CPI), the main inflation indicator, grew 3.3 per cent year-on-year in April against the 4.3 per cent growth it posted in the previous month, the National Bureau of Statistics (NBS) said on Tuesday.
The figure is below analysts' forecasts, which had predicted an increase in inflation of around 3.7 per cent in April, reports Efe news.
This is the lowest data since September 2019 (inflation reached 5.4 per cent in January) and comes amid government control to contain the coronavirus pandemic and economic stimulus measures to revive the economy after the halt caused by the virus.
The agency's data showed that, as in previous months, the main driver behind the inter-annual increase in the CPI was rising food prices that increased 14.8 per cent as compared to 18.3 per cent in March.
The price of pork, one of the most sought-after products by Chinese consumers, continued to rise and increased by 96.9 per cent year-on-year last month (it rose 116.4 per cent year-on-year in March and 135 per cent in February) as its production has been affected by an outbreak of African swine fever that has decimated the pig population in the Asian country.
Prices of vegetables increased 3.7 per cent while those of fresh fruit decreased by 10.5 per cent and of eggs fell by 2.7 per cent.
On the other hand, the NBS said that prices of non-food items increased by 0.4 per cent - they rose by 0.7 per cent in the previous month - while those of consumer goods increased by 4.7 per cent and of services by 0.9 per cent.
The cost of healthcare rose 2.2 per cent year-on-year in April while that of education, culture and entertainment increased by 2 per cent.
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However, prices in the transport and communications sector fell by 4.9 per cent while prices of clothing and homes decreased by 0.4 per cent and 0.3 per cent, respectively.
The NBS also announced that the Production Price Index (PPI), which measures wholesale inflation, decreased by 3.1 per cent year-on-year in April after falling by 1.5 per cent in March and 0.4 per cent in February.
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