Chinese CPI Bounces Back into Positive Territory in March


China’s consumer price index (CPI) resumed positive YoY growth in March, as the domestic economy continues to recover from the impacts of the COVID-19 pandemic.

The national CPI reading for March saw a YoY gain of 0.4%, as compared to a YoY decline of 0.2% in February according to data from the National Bureau of Statistics (NBS).

Food prices posted a YoY decline of 0.7% in March, bringing CPI down by around 0.12 percentage points. Non-food prices rose by 0.7% as compared to a decline of 0.2% in February, contributing to a 0.56 percentage point rise in CPI.

March CPI fell by 0.5% in on-month terms however, due to the impact of seasonal factors in relation to the Spring Festival. In February China’s national CPI posted an on-month increase of 0.6%.