(Yicai Global) April 11 -- China's consumer price index declined 1.1 percent in March compared to February due to a significant drop in food prices following the end of the Chinese New Year holiday.
The fall in food prices was driven by declines in tourism and transport costs, as well as gasoline and diesel prices of 2.6 percent and 2.9 percent, respectively, seen after February’s holiday period, data from the National Bureau of Statistics shows.
The CPI rose 2.1 percent in March on an annual basis, said NBS Senior Statistician Sheng Guoqing, adding that prices are expected to remain stable in the near future despite fluctuations related to external economic changes and variations in domestic demand.
China’s agricultural product supplies remain plentiful amid improved quality and efficiency in modern production, while industrial product supplies, both general industrial consumer goods and consumer durables, are of a sufficient supply, thanks to the increasing supply of high-end industrial consumer goods due to the continuous advancement of supply-side structural reforms. Service products are increasing despite the rapid price rise, NBS said.