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China Inflation April 2024

China: Consumer price inflation increases in April; producer prices continue to fall

Consumer inflation came in at 0.3% in April, up from March’s 0.1%, marking the third straight month of rising consumer prices. Higher non-food prices more than offset lower food prices. The trend was unchanged, with the annual average variation of consumer prices coming in at March’s minus 0.1% in April. Lastly, consumer prices rose 0.10% in April over the previous month, swinging from the 1.00% drop logged in March.

Meanwhile, producer prices fell 2.5% on an annual basis in April, which was a more modest drop compared to March’s 2.8% decrease.

Over 2024 as a whole, consumer price inflation is seen averaging among the lowest rates in Asia at below 1%, while producer prices are seen falling slightly. Muted domestic demand, a weak housing market, large domestic manufacturing capacity and moderate global commodity prices will keep price pressures in check this year.

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