ALBAWABA - Consumer and producer price inflation in China remain weak as the country's consumer price index rose 0.7 percent year on year in March, the slowest pace since September 2021.
On the other hand, producer price index fell 2.5 percent in the same period, the fastest pace since June 2020.
Analysts believe that consumer price inflation may not reach the Beijing government's target this year, underlining the ongoing struggle to recover from the fallout of the COVID-19 pandemic.
The government has set a target for average consumer price inflation at around 3 percent in 2023, with prices rising 2 percent during 2022.
The yuan hit its lowest level against the U.S. Dollar in more than one week on Tuesday, following the data release, as investors bet on the possibility of local interest rate cuts.
