China's factory-gate inflation picked up for the first time in nine months ...
BEIJING - China’s factory-gate inflation picked up for the first time in nine months in March, edging away from deflationary territory, in a fresh sign that government efforts to boost the economy may be starting to revitalise domestic demand.Consumer inflation also quickened, jumping to the highest since October 2018 as pork prices soared due to a growing epidemic of swine fever, official data showed on Thursday.
China’s producer price index in March rose 0.4 percent from a year earlier, in line with analysts’ forecasts in a Reuters poll and advancing from a 0.1 percent increase in February, the National Bureau of Statistics said. “Looking ahead, we expect oil prices to fall back in the coming months. This will drag down PPI... Meanwhile, continued economic weakness is likely to keep a lid on broader price pressures,” said Julian Evans-Pritchard, Senior China Economist at Capital Economics.
In response, Beijing plans more spending on roads, railways and ports, which is expected to push up demand for and prices of construction materials. Prices of steel reinforcing bars used in building hit 7-1/2 years highs this week. A growing number of companies ranging from Apple Inc to BMW have lowered prices for their products following the tax cuts.The consumer price index in March rose 2.3 percent from a year earlier, a five-month high, largely due to higher pork prices as the spread of African swine fever prompts farmers to cull their herds.
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