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China’s consumer prices edged up 0.1% Y/Y in March 2024, compared with market forecasts of 0.4% and after a 0.7% rise in the previous month.
Monthly, the CPI decreased 1.0%, the first fall in four months and a reversal from a 1.0% rise in February. It came worse than estimates of a 0.5% drop, pointing to the steepest monthly fall in 3 years.
The notable slowdown came as the effects of the Lunar New Year waned, with non-food inflation easing as the cost of education moderated sharply while transport prices fell further.
Simultaneously, inflation was unchanged for clothing, housing, and health. On the food side, prices fell much steeper.
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