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China's inflation rate slows to lowest level since October

China's inflation rate slows to lowest level since October

China's inflation rate slowed in March to the lowest level since October, with food and energy prices slowing, along with weakening demand as a result of the implementation of closures in the country due to the Covid-19 outbreak.

China National Bureau of Statistics announced on Friday that the consumer price index (CPI) recorded a remarkable decline to 4.3% on an annual basis, while expectations were referring to a reading of 4.9%. In February, the CPI was at the level of 5.2%.

On the other hand, the annual producer price index (PPI) for the Chinese economy remained in the negative zone, as the reading came in at -1.5%, compared to both prior and predicted readings of -0.4% and -1.1% respectively.

Food prices grew by about 18% year-on-year compared to a 21.9% increase in February, while non-food prices rose by 0.7%.

Regarding to Covid-19 latest situation, China has returned to record new casualties, where the total infections amounted to 81,907 confirmed cases after an increase of 42 cases, while the deaths toll stood at 3,336.

As of 08:43 GMT, the offshore yuan was 0.23 percent lower versus the U.S. dollar at 7.0437, while the onshore yuan traded 0.13 percent down at 7.0335.

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