According to government data released on Saturday, China’s inflation rate increased in the previous month as the country strives to increase expenditure in the second-biggest economy in the world.
According to the National Bureau of Statistics (NBS), the consumer price index (CPI) increased by 0.3 percent in April compared to the previous year, continuing its rising trend for the third consecutive month.
The amount was up from a 0.1 percent increase the previous month and beyond the 0.2 percent increase predicted by Bloomberg analysts.
“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.
According to the NBS, the producer price index fell by 2.5 percent on an annual basis.
The outcomes of Chinese politicians’ repeated attempts to get people to open their wallets have been inconsistent thus far.
The real estate industry’s debt issue and the nation’s high unemployment rate are straining the economy and making demand declines worse.
Beijing has stated that it will “not be easy” to meet its goal of a GDP growth of about five percent this year.
