Consumer inflation in China fell to its lowest level since September 2021 in March, official data showed on Tuesday, mainly due to lowering food costs, indicating that demand weakness persists amidst an uneven economic recovery.
According to the National Bureau of Statistics, the consumer price index (CPI) increased by 0.7% on an annual basis in March, down from the 1.0% increase reported in February.
On a monthly basis, the CPI fell 0.3% in March.
The government has targeted a 3% increase in average consumer prices in 2023. In 2022, annual price increases averaged 2%.
Compared to the 1.4% dip in February, the PPI fell by 2.5% year-over-year in March. It was in accordance with a Reuters survey.
The PPI was unchanged from the previous month, maintaining the same pace as in the prior period.