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China April Inflation Rises 2.4Pct on Year

05-09 11:03 Caijing
NBS senior statistician Yu Qiuyu citied a sharp increase in fresh-vegetable prices for the tepid tick-up in headline inflation.

China's consumer prices rose 2.4 percent in April from a year ago, accelerating from March's 2.1 percent gain, the National Bureau of Statistics said Thursday.

That's still below the government's target of 3.5 percent for the year, and compared with a median forecast of 2.2-2.3 percent by analysts from banks and securities firms.

The consumer price index (CPI) for April came amid concerns about the strength of economic recovery in the world's second-largest economy, as a slew of economic data released recently such as HSBC/official PMI and factory/service growth points to shaky growth outlook.

The producer price index (PPI), the gauge of wholesale inflation, declined further by 2.6 percent year-on-year in April, compared with a 1.9 percent drop in March, the NBS said, reflecting the recent pullback in raw material prices.

Fresh-vegetable price hikes

Reading into April's inflation data, NBS senior statistician Yu Qiuyu citied a sharp increase in fresh-vegetable prices for the tepid tick-up in headline inflation.

Food prices rose 4. 0 percent and prices of fresh-vegetables grew 11.2 percent in April from the previous month, contributing 0.36 percent to overall monthly CPI increase, said Yu Qiumei.

Historical data from 2003-2012 showed that fresh-vegetable prices typically slow in April from March, with 2010 the only exception when prices rose slightly by 0.3 percent. The NBS attributed the abnormal double-digit rise this April to colder weather and less rainfall.



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