2024-05-11 09:01:32
Consumer prices in China rose for the third consecutive month in April. The Middle Kingdom confirms its exit from deflation.
Consumer prices in China increased in April by 0.3% year-on-yearfor the third consecutive month. The second largest economy in the world thus confirms its exit from deflation, according to official figures published on Saturday.
Beijing is aiming for GDP growth of around 5% in 2024, however believing that this objective will be “not easy” to achieve.
Inflation is higher than analysts’ expectations surveyed by the Bloomberg agency, who forecast 0.2%. It also exceeds that observed in March (0.1%).
Encourage spending
The country came out of deflation in February for the first time in six months. “In April, household demand continued to rebound (…) and the year-on-year increase increased,” the National Bureau of Statistics (NBS) explained in a press release.
However, ex-factory prices continued to falla trend that has persisted since the end of 2022. The producer price index thus fell by 2.5% over one year, added the BNS.
The Chinese government is increasing its policies to encourage consumers to spend, but the results remain mixed. Beijing aims growth in its GDP of around 5% in 2024, believing, however, that this objective will not be “easy” to achieve.
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