China’s retail and producer inflation has remained anemic as the consumer and industrial sectors struggle to recover from their pandemic hit
The consumer price index rose 0.7% year-on-year, the slowest pace since September 2021 and weaker than the 1.0% gain in February, the National Bureau of Statistics said on Tuesday. The result fell short of the 1.0% rise tipped in a Reuters poll.
China’s yuan hit a more-than-one-week low against the dollar on Tuesday morning following the data, as investors stepped up bets domestic interest rates could be cut. Shanghai’s benchmark stock index fell 0.25%, reversing a slight uptick in the opening. The government has set a target for average consumer prices in 2023 to be about 3%. Prices rose 2% on year in 2022.
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