China's inflation accelerates to 2.4% on year in April
BEIJING (AFP) - Inflation in China accelerated to 2.4 per cent year-on-year in April, official data showed Thursday, above market expectations, but analysts said counter-measures were unlikely due to weak economic momentum.
Month on month, the consumer price index (CPI) – a main gauge of inflation – increased by 0.2 per cent in April, reversing a decrease of 0.9 per cent in March, the National Bureau of Statistics (NBS) said in a statement.
The annual figure was higher than the median forecast for a 2.2 per cent gain in a poll of 13 economists by Dow Jones Newswires. Authorities said higher vegetable prices in the world’s second-biggest economy were responsible for the rise, an increase from 2.1 per cent in March.
“The rather large increase in vegetable prices was the main driver of the rise in CPI,” said Yu Qiumei, a senior analyst at the NBS, in a statement, adding that unusually cold temperatures and low rainfall across the country were to blame.