Chinese consumer, producer prices spike on fuel crisis

China's producer prices surpassed expectations in April to hit a 45-month high while consumer inflation also accelerated as ⁠global energy costs remained elevated, piling more pressure on manufacturers already grappling with weak demand at home. Consumer inflation continued a mild recovery, supported by stronger spring travel demand and rising international energy prices, official data showed on Monday. The country's consumer price index, a main gauge of inflation, rose 1.2 percent year on year, up 0.2 percentage points from the previous month, according to data released by the National Bureau of Statistics. The core CPI, which excludes food and energy prices, also increased 1.2 percent from a year earlier, data showed. On a monthly basis, the CPI climbed 0.3 percent in April, reversing a 0.7-percent decline in March and exceeding the seasonal level by 0.4 percentage points. The producer price index, which measures costs for goods at the factory gate, went up 2.8 percent. On a month-on-month basis, the PPI rose 1.7 percent in April, up from one percent in March. Bureau statistician Dong Lijuan attributed the rise in PPI to three main factors: rising prices in domestic petroleum-related sectors driven by international price movements, increased demand in certain domestic industries, and the continued improvement in market competition order, which led to price increases or smaller declines in relevant sectors. (Xinhua/Reuters) Edited by Tony Sabine