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Inflation growth still hangs up high
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China's consumer prices growth stayed at 2.3 percent while contraction in factory gate prices narrowed, easing concerns over economic slowdown and limiting the room for monetary stimulus.
The Consumer Price Index, the main gauge of inflation, grew 2.3 percent from a year earlier last month, the same as February and the highest since July 2014, the National Bureau of Statistics said today.
Food prices, which account for nearly a third of the CPI basket, added 7.6 percent in February, compared to February's 7.3 percent and January's 4.1 percent rises.
Prices in the non-food sector rose 1 percent, the same as February.
Yu Qiumei, a bureau researcher, said supply shortage of vegetable and pork helped sustaining the inflation. Fresh vegetables climbed 35.8 percent year on year last month, the fastest rise in nearly eight years partly due to extreme cold weather in February. Pork prices were up by 28.4 percent.
The Producer Price Index, a measurement of inflation at the factory gate and a harbinger for future prices at the consumer end, declined 4.3 percent year on year, extending the negative stream for a 49th consecutive month. But the drop narrowed from 4.9 percent in February and 5.3 percent in January. The PPI rose 0.5 percent month on month, the first time since January 2014.
Liu Ligang, chief China economist at Australia & New Zealand Banking Group Ltd, said: “Deflation is our top macroeconomic concern and today’s PPI offers signs of relief. Recent surging housing prices may become a pull factor on the price front, and if the recovery persists for a few more months, commodity prices will likely be stabilized.”
He added that the data suggest that the People's Bank of China will be less aggressive in monetary easing, and ANZ now expects for only one cut of banks' reserve requirements this year instead of three.
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