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szdaily -> Business/Markets -> 
Producer inflation picks up in March
    2019-04-12  08:53    Shenzhen Daily

CHINA’S factory-gate inflation picked up for the first time in nine months in March, edging away from deflationary territory, in a fresh sign that government efforts to boost the economy may be starting to revitalize domestic demand.

Consumer inflation also quickened, jumping to the highest since October 2018 as pork prices soared due to a growing epidemic of swine fever, official data showed Thursday.

The step-up in producer inflation, while slight, will likely add to optimism that the world’s second-largest economy is slowly starting to turn the corner, after recent surveys showed factory activity expanded for the first time in months.

But analysts urge caution, saying it will take a few more months of better data and further policy support from the government to see if a recovery can be sustained.

China’s producer price index (PPI) in March rose 0.4 percent from a year earlier, in line with analysts’ forecasts in a poll and advancing from a 0.1 percent increase in February, the National Bureau of Statistics (NBS) said.

Most of the gain was in mining, with prices in extraction rising 4.2 percent year on year, up from 1.8 percent in February. Drops in raw material prices also moderated.

But improvements may have been due more to changes in commodity prices than stronger demand. Prices of consumer durables fell for a second month, pointing to lingering weakness in demand for big-ticket items such as cars and appliances.

“Looking ahead, we expect oil prices to fall back in the coming months. This will drag down PPI... Meanwhile, continued economic weakness is likely to keep a lid on broader price pressures,” said Julian Evans-Pritchard, Senior China Economist at Capital Economics.

On a monthly basis, producer prices rose for the first time in five months. The index inched up 0.1 percent, compared with a 0.1 percent decrease in February.

The consumer price index (CPI) in March rose 2.3 percent from a year earlier, a five-month high, largely due to higher pork prices as the spread of African swine fever prompts farmers to cull their herds.

That was more than a 1.5 percent increase in February but just below market expectations for a 2.4 percent rise.

(SD-Agencies)

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