China’s consumer price index (CPI) dropped dramatically in March official data released today shows, indicating that the recovery in the world’s second-largest economy is still weak.
The CPI came in at 2.1 percent, the National Bureau of Statistics (NBS) said, down from 3.2 percent in February when prices spiked during the Lunar New Year holiday.
A year ago, China was experiencing an annual inflation rate of almost four percent.
Food prices remained a leading driver of inflation in March, rising 2.7 percent year on year, although easing from a six percent increase in February.
China has set its inflation target for this year of 3.5 percent.
Separately, Chinese stocks slumped to their lowest level in 2013 on Monday, following a fresh bird flu scare.
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