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szdaily -> Business_Markets -> 
Producer inflation picks up
    2018-05-11  08:53    Shenzhen Daily

CHINA’S producer inflation picked up for the first time in seven months in April, bolstered by surging commodities prices and suggesting its industrial demand remains resilient even as trade tensions ratchet up with the United States.

But consumer inflation eased from the previous month as food prices rose at a slower pace, official data showed Thursday.

Analysts and investors are closely watching inflation gauges in China for signs of a long-expected economic slowdown that would weigh on industrial profit growth and investment and possibly tip a shift in central bank policy.

The producer price index (PPI) rose 3.4 percent in April from a year ago, accelerating from a 17-month low of 3.1 percent in March, the National Bureau of Statistics (NBS) said Thursday. On a month-on-month basis, it declined 0.2 percent.

Analysts had expected producer inflation would rebound to 3.5 percent as steel mills stocked up on raw materials such as iron ore and coking coal to meet a seasonal surge in construction. Oil prices have also been on the rise.

Sharper factory-gate price rises could bolster profits for industrial firms, which saw earnings growth slow to the weakest pace in over a year in March.

The consumer price index (CPI) rose 1.8 percent from a year earlier, just below expectations and slowing from March’s 2.1 percent. On a month-on-month basis, it dipped 0.2 percent.

The core consumer price index, which strips out volatile food and energy prices, rose 2 percent in April, unchanged from March.

The food price index rose 0.7 percent year on year, after rising 2.1 percent in March, as distortions from the long Lunar New Year holiday receded. Non-food prices rose 2.1 percent, the same pace as the previous month.

Pork prices in April declined 16.1 percent year on year, most likely due to a glut in the market. (SD-Agencies)

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