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China Sourcing Update: Major Price Indicators (Apr 2018)

Major Price Indicators

1. CPI growth slows in April

The year-on-year growth rate of China’s consumer price index (CPI) [1] fell from 2.1% in March to 1.8% in April, which was below market expectations.

The moderation in the CPI growth in April was due to a slower increase in food prices in the month. The year-on-year growth in the food component in the CPI went down from 2.1% in March to 0.7% in April, due largely to a sharp fall in pork prices. Meanwhile, the year-on-year growth in the non-food component stayed flat at 2.1% in April compared with the previous month.

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[1] The CPI, compiled by the National Bureau of Statistics (NBS) of China, measures the price of a basket of goods and services purchased by a typical household. It is noteworthy that the NBS has changed the weights assigned to the various components in the CPI basket, effective from January 2016. The weight of the food component, for example, has been reduced by 3.2 ppt; the weight of the housing component has been increased by 2.2 ppt; and the weights of other components have been adjusted by around or less than 1 ppt. The impact of the re-weighting on the CPI growth was limited, according to the NBS.

Content provided by Fung Business Intelligence
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