Seven of the eight major categories of commodities and services that make up China's consumer price index (CPI) have risen in March, said an analyst after the country's National Bureau of Statistics (NBS) released the latest data on Friday.
The latest data showed China's CPI, a main gauge of inflation, rose 1 percent year on year in March, and the core CPI, which excludes food and energy prices, increased 1.1 percent year on year.
Among them, prices of industrial consumer goods grew by 2.2 percent, an increase of 1.1 percentage points from the previous month, contributing about 0.67 percentage points to the year-on-year CPI increase.
Specifically, the prices of gold jewelry, household appliances and clothing all went up, while gasoline prices turned from a decline to a rise.
"Of the eight major categories of commodities and services that make up the CPI, seven recorded price increases and one saw a decline, namely the residential category. Specifically, driven by strong seasonal demand, a rise in clothing prices pushed up the overall price of the apparel category year on year. The price of the transportation and communication category shifted from a decline to a year-on-year increase. Meanwhile, boosted by growing resident travel demand, prices for travel agency services also rose year on year," said He Xiaoying, deputy director at the analysis and forecasting division of the price monitoring center under the National Development and Reform Commission.
Friday's data also showed that the producer price index (PPI), which measures costs for goods at the factory gate, returned to year-on-year growth in March, ending a 41-month streak of decline.
The PPI rose 0.5 percent year on year in March, reversing a 0.9 percent drop in February, according to the NBS.
NBS statistician Dong Lijuan attributed the turnaround mainly to imported inflationary pressures and improved supply-demand dynamics in some domestic industries.
Peng Xiaozhen, an analyst at Sublime China Information Company Limited, an institute specializing in providing information on Chinese commodity market, said overall, China's PPI is set to recover.
"International energy markets experienced wide fluctuations, and rising costs pushed up prices across the entire petrochemical industrial chain. Boosted by higher energy and chemical product prices, the rebound trend of China's PPI was further consolidated and overall, its recovery is going to continue," said Peng.
Price hike of seven major categories drives China's CPI in March: analyst
Iran has received U.S. feedback on its latest peace proposal through Pakistani mediators, and talks between the two sides are still underway, Iranian Foreign Ministry spokesman Esmaeil Baghaei said Monday.
Speaking at a press conference in Tehran, Baghaei said that although the United States had publicly rejected Iran's 14-point peace proposal aimed at ending the conflict, Tehran had still received revisions and concerns through mediator Pakistan.
Such dialogue is continuing through the mediator, he said, stressing that although Iran does not trust the United States, it is still participating in the negotiations based on national interests.
Baghaei said that Iran has submitted its response to U.S. revisions to the conflict resolution plan.
"We approach every diplomatic process with deep distrust and serious skepticism in order to safeguard the national interests of Iran. Iran is aware that, given the United States' track record of undermining negotiations, it may repeat the same actions at any moment," Baghaei said.
Baghaei also said the current situation in the Strait of Hormuz stems from military actions launched by the United States and Israel against Iran, as well as what he described as violations of international law by the two countries.
Iran has taken relevant measures to ensure safety of navigation in the region, he said, adding that communication between Iran and Oman over issues related to the Strait of Hormuz is ongoing.
Baghaei said Iran harbors no hostility toward any country in the Middle East and called on all parties to remain vigilant against attempts by external forces to create division in the region.
Responding to repeated U.S. threats that military action against Iran could resume if no agreement is reached, Baghaei said threats and pressure have long been Washington's standard approach, but such tactics would not work on Iran.
He said Iran would continue advancing negotiations while closely monitoring developments and preparing for all possible scenarios.
Baghaei stressed that Iran would not abandon the rights granted to it under the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) and that the country is currently focused on efforts to end the conflict.
Also on Monday, Iran's semi-official Tasnim news agency, citing sources close to the Iranian negotiating team, said that Tehran had handed over its newest 14-point proposed plan for ending the war with the United States to Pakistan.
Pakistan will convey the plan to the United States, the report said.
The new proposal was submitted after Tehran revised its earlier 14-point draft in response to a recent U.S. proposal, the sources added.
According to the sources, Iran's new draft focuses on negotiations to end the war, as well as on "trust-building" measures.
In a separate report on Monday, Tasnim quoted another source close to the Iranian negotiating team as saying that, unlike previous U.S. drafts, Washington had agreed in its latest proposal to waive sanctions on Iranian oil during the negotiation period.
On the same day, however, a U.S. official said claims by the Iranian side that the U.S. had agreed to lift sanctions during the negotiations were false.
Iran, the United States and Israel reached a ceasefire on April 8 after 40 days of fighting that started with U.S. and Israeli attacks on Tehran and other Iranian cities on Feb 28.
Following the truce, Iranian and U.S. delegations held one round of peace talks in Pakistan's capital Islamabad on April 11 and 12, which failed to yield an agreement.
Over the past weeks, the two sides have reportedly exchanged several proposed plans outlining conditions for ending the conflict through Pakistan.
Iran's foreign ministry says talks with US still underway
