economy
Inflation in China accelerated in April: Middle East war strongly hit the world's leading economy
Annual inflation in China rose from one percent in March to 1.2 percent in April, above economists' expectations, while producer prices recorded the biggest increase in almost three years due to the surge in energy and raw material prices caused by the war in the Middle East, according to the latest data from the Chinese National Bureau of Statistics.
TL;DR
- China's annual inflation increased from 1% in March to 1.2% in April.
- Producer prices in China rose by 2.8% year-on-year in April, the highest since July 2022.
- The increase in prices is attributed to disruptions in the Strait of Hormuz, causing a surge in global energy and raw material prices.
- Retail gasoline prices in China increased by 19.3% annually in April.
- Food prices decreased by 1.6% due to cheaper pork and fresh agricultural products.
- Prices in the non-ferrous metal mining sector rose by 38.9%, and in the oil and gas extraction sector by 28.6%.
- US President Donald Trump is scheduled to visit Beijing to discuss economic issues and the situation in the Strait of Hormuz.