China's February CPI Increase Rate at 5.2%
[Asia Economy Beijing=Special Correspondent Park Sun-mi] Due to the spread of COVID-19, factories and businesses have come to a halt, causing tight supply of goods across China, which led to a sharp increase in the consumer price index (CPI) in February.
On the 10th, the National Bureau of Statistics of China announced that the country's February consumer price index (CPI) rose 5.2% year-on-year. Although this is slightly lower than the 5.4% increase in January, it still exceeds 5%, significantly surpassing the Chinese government's usual inflation target of 3%.
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Meanwhile, the producer price index (PPI) fell 0.4% compared to the same period last year. The PPI, which reflects prices of raw materials, intermediate goods, and product shipment prices, is considered one of the leading economic indicators showing vitality in sectors such as manufacturing. Therefore, the negative PPI figure indicates a decline in the vigor of the Chinese economy.
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