China’s Producer Prices Return to Growth
Data published on Friday by China’s National Bureau of Statistics showed that the producer price index (PPI) climbed by 0.5% year-on-year in March. At the same time, the consumer price index (CPI) recorded a 1% increase, reflecting a broader upward movement in domestic price levels.
The PPI, which tracks factory-level pricing for industrial goods, registered its first gain after 41 straight months of contraction since the last quarter of 2022, marking a notable reversal in its prolonged downward trend.
Dong Lijuan, a senior statistician at China’s National Bureau of Statistics, explained that higher international prices for energy and commodities—triggered by the Middle East conflict—had raised costs across multiple sectors and reduced price declines in others. She described the overall rise in producer prices as being largely driven by imported inflation effects.
Dong also noted that domestic policy actions aimed at reducing excess production capacity in certain industries and discouraging aggressive price competition had helped improve the balance between supply and demand in the local market. These measures, she added, further supported upward pressure on prices.
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