China's consumer and producer prices rise in March
China's consumer price index, a main gauge of inflation, rose 0.4 percent year on year in March, data from the National Bureau of Statistics showed on Friday.The figure reversed from the 0.2-percent drop in February, the NBS data showed.
Food prices went down 0.7 percent year on year, dragging down consumer inflation by 0.12 percentage points, according to the data.
The carryover effect sent the CPI inflation down by 0.6 percentage points, while new price increases pulled the growth up by 1 percentage point, the NBS data showed.
On a monthly basis, the CPI declined 0.5 percent, with food prices down 3.6 percent due to falling demand after the Spring Festival, noted Dong Lijuan, a senior statistician with the NBS.
Friday's data also showed China's producer price index, which measures costs for goods at the factory gate, rose 4.4 percent year on year in March, quickening from the 1.7 percent rise in February.
On a monthly basis, the PPI gained 1.6 percent, driven by price rises of global commodities.
Among the 40 surveyed industrial sectors, 30 saw prices increase month on month, while six reported price drops and four stayed unchanged.
A breakdown of the data showed that the PPI for the domestic oil and natural gas extraction sector rose 9.8 percent month on month due to continued growth in international crude oil prices.
In the first quarter, the PPI growth averaged at 2.1 percent year on year.