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CPI falls 1.5%, PPI drops 6.6% in April

(chinadaily.com.cn/Xinhua)
Updated: 2009-05-11 10:23

[chinadaily.com.cn]

China's consumer price index (CPI), the main gauge of inflation, fell 1.5 percent year on year in April, the National Bureau of Statistics (NBS) said Monday.

It was the third decline in a row since February, when the CPI dropped 1.6 percent, which in turn was the first fall since October 2002.

Meanwhile, producer price index (PPI), a major measure of inflation at the wholesale level, dropped 6.6 percent in April.

The result was in line with market expectations and analyst forecasts.

Related readings:  China's economy slows to 6.1 percent in Q1  BoCom expects CPI to drop 1.1% in April  Pork prices down 10.4% in April  No increase in rates, hints PBOC

Food prices, which comprise one-third of the CPI, dropped 1.3 percent, dragged down by a 28.6-percent decline in pork prices as demand plummeted amid a global flu outbreak thought to be connected with pigs.

Non-food prices fell 1.5 percent.

The index was down 0.2 percent from a month earlier, and the figure for January-April fell 0.8 percent from the same period last year.

Lian Ping, chief economist with the Bank of Communications, said the weakening reflected the high base of comparison, since the CPI soared by 8.5 percent last April. The consecutive declines did not presage deflation, and the figure was expected to rise starting at mid-year.