China CPI Jumps as Middle East Crisis Pushes Energy Costs Higher
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China's consumer inflation accelerated to 1.2% in April, topping analyst estimates, as the Middle East crisis drove a surge in energy prices.
The Chinese consumer price index (CPI) rose by 1.2% last month from a year earlier, accelerating from 1% annual inflation in March, data from China's National Bureau of Statisticsshowedon Monday.
The CPI exceeded an analyst consensusestimate of 0.9%inflation last month.
The core inflation, which excludes food and energy prices, also accelerated to 1.2% in April from a year earlier, according to the data.
The CPI increased by 0.3% in April compared to March, reversing a 0.7% monthly decline in March and exceeding the seasonal level by 0.4 percentage point, the official Chinese data showed.
The producer price index (PPI), the producer inflation, soared in April to the highest since July 2022, mostly due to the energy supply shock in the Middle East.
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Inflation is accelerating across Asian markets where energy buyers scramble for supply while producers and consumers feel the rising energy costs.
In India, the second-largest crude oil importer in Asia and the third-biggest in the world,inflation is also setto have accelerated in April.
The annual consumer price index (CPI) is expected to have jumped to 3.8% in April, up from 3.4% in March, aReuters pollof 46 economists showed last week.
Responses in the poll, carried out between May 4 and May 8, ranged from 2.8% to 4.2%.
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