BEIJING, May 11 — China’s inflation rate quickened last month, official data showed today, as the government works to boost spending in the world’s second-largest economy.
The consumer price index (CPI) rose by 0.3 per cent year-on-year in April, staying in positive territory for the third straight month, according to the National Bureau of Statistics (NBS).
The figure was higher than the 0.2 per cent rise forecast by Bloomberg analysts and up from a 0.1 per cent increase last month.
“In April, household consumption demand continued to rebound... and the year-on-year increase expanded,” the NBS said in a statement.
However, factory gate prices remained mired in a deflationary run that has persisted since the end of 2022.
The producer price index sank by 2.5 per cent year-on-year, the NBS said.
Chinese policymakers have repeatedly tried to get consumers to open their wallets but the results have so far been mixed.
A debt crisis in the real estate sector and high unemployment are weighing on the economy and contributing to a slump in demand.
Beijing has set a target of around five per cent GDP growth this year but has acknowledged that achieving it will “not be easy”. — AFP
