China’s core CPI picks up in March

China's consumer price index (CPI), a main gauge of inflation, recorded a narrower year-on-year decline in March, while the core CPI, which excludes food and energy, experienced a notable rebound, the National Bureau of Statistics (NBS) announced Thursday.

Statistics issued by the NBS showed that in March, CPI fell by 0.4 percent month-on-month and decreased by 0.1 percent compared to the same period last year, with a significant narrowing of the decline.

This rebound in the core CPI reflects the emerging impact of policies aimed at stimulating consumer demand. Improved dynamics between supply and demand are driving positive price trends, signaling potential stabilization in the market. With warmer weather in March, fresh food products entered the market in abundance, ensuring a plentiful supply. Month-on-month, the prices of fresh vegetables, pork, eggs, and fruits all experienced declines.

As a result of fewer travelers during the tourism off-season, travel-related expenses have declined. Additionally, the continued drop in global oil prices has led to a noticeable month-on-month reduction in domestic gasoline costs.

Meanwhile, trade-in policies for consumer goods are starting to show results, contributing to a broader rise in the prices of industrial consumer goods. Items such as household appliances, gold jewelry, and clothing experienced monthly price increases that surpassed the decade-long average for the same period.

From a year-on-year perspective, the year-on-year decline in the CPI significantly narrowed. In particular, the core CPI, which excludes food and energy prices, saw a notable rebound with a 0.5 percent increase year-on-year.

"With the recovery of real estate market in some popular cities, prices for housing have also stabilized to some extent. Driven by policies aimed at boosting consumption, sales of key products such as smartphones, automobiles, and household appliances have been robust, and prices have recovered," said He Xiaoying, deputy head, analysis and prediction division, Price Monitoring Center, National Development and Reform Commission.

China’s core CPI picks up in March

China’s core CPI picks up in March

President of the Republic of Korea (ROK) Lee Jae Myung has expressed his hope that his upcoming visit to China will help eliminate past misunderstandings and issues, underscoring the importance of ties between the two countries.

At the invitation of Chinese President Xi Jinping, Lee will pay a state visit to China from Jan 4 to 7. It will be Lee's first visit to China since he took office.

In an interview with China Media Group (CMG) in Seoul on Wednesday, Lee acknowledged the existing misunderstandings and issues between the two countries, noting that addressing these issues is a key goal of his visit.

"The current international landscape is turbulent, with escalating issues among various countries. In this context, the relationship between the Republic of Korea and China holds significant importance for us. the ROK and China are deeply interconnected in many areas, including history, economy, geopolitics, politics and security. Northeast Asia's peace, stability, mutual respect, and common prosperity are crucial for both countries," said Lee.

"Admittedly, there have been some misunderstandings and issues between the ROK and China, which have hindered the development of bilateral relations to some extent. Therefore, the purpose of my upcoming visit to China is to minimize or eliminate these past issues, foster a leap in our bilateral relations to a new level, and solidify the ROK and China as partners that mutually support each other's development," he said.

ROK President hopes to reduce misunderstandings with China during upcoming visit