The government has set a target for average consumer prices in 2023 to be about 3%. Prices rose 2% on year in 2022.
A general view shows the skyline over the Central Business District in Beijing on February 28, 2023.China's consumer inflation in March hit the slowest pace since September 2021, weighed by sluggish food prices, official data showed on Tuesday, suggesting demand weakness persists amid an uneven economic recovery.The consumer price index for the month rose 0.7% year-on-year, compared with the 1.0% gain seen in February, said the National Bureau of Statistics .
"China's March inflation report suggests that the Chinese economy is running a disinflation process, which points to bigger room for monetary policy easing to boost demand," said Zhou Hao, economist at Guotai Junan International. Food price inflation slowed to 2.4% year-on-year from 2.6% in the previous month. On a month-on-month basis, food prices fell 1.4%.
That pushed the CPI down 0.3% from a month earlier after a 0.5% fall in February, dashing expectations of no change.
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