China´s inflation rises to 2.4 pct in April (05/24/2013)

Updated: 2013/5/24 17:26:00

China´s consumer price index (CPI), a main gauge of inflation, grew 2.4% year-on-year in April, up from 2.1% in March, the National Bureau of Statistics (NBS) said on May 9.

The rise is largely in line with the market forecast of around 2.3%.

The NBS attributed the gain mainly to an unusual increase in vegetable prices during that month as low temperatures and scarce rainfalls disrupted supplies.

In April, food prices, which account for nearly one-third of weighting in China´s CPI, increased 4% year-on-year, with the prices of vegetables rising 5.9%, NBS data showed.

On a monthly basis, consumer prices in April edged up 0.2%.

The data also showed China´s producer price index (PPI), which measures wholesale inflation, fell 2.6% year-on-year in April, marking the 14th straight month of decline and the steepest drop in six months that pointed to continued weak market demand.

China aims to hold this year´s consumer inflation at around 3.5%.

Source: Xinhua

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