09 April 2013 05:22 [Source: ICIS news]
SINGAPORE (ICIS)--China’s consumer price index (CPI) for March this year showed that annual consumer inflation fell to 2.1% from 3.2% a month ago, data from the country's National Bureau of Statistics (NBS) showed on Tuesday.
The month-on-month 0.9% drop in March’s CPI is in line with market expectations, according to an analyst.
“The declining CPI growth is normal, because the data last month (February) was at a much higher level [because it was] in line with surged food prices during Lunar New Year holiday,” the analyst said.
Food prices in China increased by 2.7% year on year in March compared with the 6% hike in February, the NBS data showed.
Meanwhile, China’s producer price index (PPI) showed that producer prices in March decreased by 1.9% from a year ago.
However, the PPI was unchanged from February’s levels, according to the NBS data.
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