China's factory-gate inflation picked up for the first time in nine months ...
BEIJING - China’s factory-gate inflation picked up for the first time in nine months in March, lifted by price rises in global commodities as well as signs that government efforts to boost the economy may be putting a floor under 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 on Thursday.
China’s producer price index in March rose 0.4 percent from a year earlier, driven largely by rapid rises in oil and gas prices, and advancing from a 0.1 percent increase in February, the National Bureau of Statistics said.Most of the gain was in mining, with prices rising 4.2 percent on-year, up from 1.8 percent in February. Drops in raw material prices also moderated.
But underlying demand in other parts of the economy still appears subdued. Prices of consumer durables fell for a second month, pointing to weakness in demand for big-ticket items such as cars and appliances. The world’s second-largest economy is growing at its weakest pace in almost three decades amid weaker domestic demand and a year-long trade war with the United States. Multi-year campaigns to curb debt risks and pollution have deterred fresh investment.
A growing number of companies ranging from Apple Inc to BMW have lowered prices for their products following the tax cuts.The consumer price index 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.
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