April’s consumer price index up 1.5%
China’s consumer price index (CPI), a main gauge of inflation, grew 1.5 percent year -on-year in April, the National Bureau of Statistics (NBS) announced.
The reading slightly rebounded from 1.4 percent in March and 0.8 percent in January, the lowest level in more than five years. On a monthly basis, consumer prices in April edged down 0.2 percent, narrowing from a 0.5 percent drop recorded in March.
“Due to a relatively
low base, food prices rose quickly in April, driving up the yearon-year CPI growth,” said NBS senior statistician Yu Qiumei.
China’s GDP grew 7.4 percent in 2014, the weakest annual expansion in 24 years. A string of economic indicators for the new year, including manufacturing, consumption and foreign trade, suggested persistent weakness.
China set this year’s economic growth target at around 7 percent and its inflation control target at about 3 percent.