China’s inflation rate accelerated last month, official data showed on Saturday, as the government works to boost spending in the world’s second-largest economy.
The consumer price index (IPC) increased 0.3% year-on-year in April, remaining in positive territory for the third consecutive month, according to the National Statistics Office (DNE).
The number was higher than the 0.2 percent increase forecast by Bloomberg analysts and above last month’s 0.1 percent increase.
“In April, household consumption demand continued to recover… and the annual increase expanded,” the DNE said in a statement.
However, ex-factory prices remained mired in a deflationary run that has persisted since the end of 2022.
The producer price index fell 2.5% year on year, the DNE said.
Chinese policymakers have repeatedly tried to get consumers to open their wallets, but the results so far have been mixed.
The debt crisis in the real estate sector and high unemployment are weighing on the economy and contributing to a drop in demand.
Beijing has set a GDP growth target of around 5% this year, but acknowledged that achieving it “will not be easy”.
mjw/je/mtp
