China inflation rate lowest in 18 months, falls below 1% in March

China's annual inflation rate unexpectedly came in at 0.7% in March 2023, compared with February's print and market consensus of 1.0%.
This was the lowest figure since September 2021, as cost of both food and non-food eased further on the back of an uneven economic recovery after the removal of zero-COVID policy.
The producer price index fell for a sixth straight month after dropping by 2.5% in March, year on year, down from a fall of 1.4% in February.
Core consumer prices, excluding the volatile prices of food and energy, went up 0.7% year on year, after a 0.6% gain in February.
On a monthly basis, consumer prices unexpectedly dropped 0.3%, the second straight month of fall, missing estimates of a flat reading.
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