China factory inflation higher than expected

Russia’s war
China’s factory-gate inflation was higher than expected in March, official data showed Monday, as Russia’s war on Ukraine pushes up oil prices while a domestic Covid-19 resurgence strains food supplies and consumer costs.

The producer price index (PPI) measuring the cost of goods at the factory gate grew 8.3 percent on-year, National Bureau of Statistics (NBS) figures showed.

Read more: Sino-Pakistan review progress on CPEC

This was slightly more than a Bloomberg poll of economists expected, while PPI also rose on-month.

"Geopolitical and other factors have pushed global commodity prices to continue increasing, driving the prices of oil, non-ferrous metals and other related industries to rise further domestically," NBS senior statistician Dong Lijuan said in a statement.

China’s consumer price index (CPI), a key gauge of retail inflation, rose more than expected as well, by 1.5 percent on-year in March, the NBS said.

Although consumer demand eased after festive periods earlier in the year, some food prices have picked up due to "rising international prices of wheat, corn and soybeans" and domestic Covid-19 outbreaks, Dong said.

This comes as world food prices hit an all-time high in March following Russia’s invasion of Ukraine, an agricultural powerhouse, according to a UN agency.

Russia and Ukraine make up a massive share of exports in major commodities such as wheat, vegetable oil and corn.

Zhaopeng Xing of ANZ Research said energy prices had "become the major driver for both CPI and PPI".

Read more:Toyota vehicles’ bookings suspended in Pakistan

"CPI inflation could rise further in April as households across China have been stocking up on food and other necessities after taking lessons from the fallout of Shanghai’s lockdown," Nomura’s chief China economist Ting Lu told AFP.

As the financial hub locked down almost entirely in recent weeks, residents had trouble getting groceries while Covid controls snarled supply chains to the rest of the country.



from latest-news - SUCH TV https://ift.tt/9zEfmsn

Comments

Post a Comment

Popular posts from this blog

Low payments by fed govt hampered development in Sindh, CM Murad tells Bilawal Bhutto

Image
Sindh Chief Minister Syed Murad Ali Shah and PPP Chairman Bilawal Bhutto Zardari had a meeting on Monday at the Bilawal House in Karachi. According to the Bilawal House spokesperson, the chief minister informed Bilawal Bhutto of the COVID-19 situation in the province along with measures taken by the Sindh Health Department to contain the virus. Speaking about the pace of development in the province, CM Murad Ali Shah told Bilawal Bhutto that progress has been largely hampered because of low payments made by the Federal government against Sindh's rightful share. Shedding light on areas where improvements were witnessed, the CM said that the Sindh government has surpassed its own tax collection targets this time. During the meeting, PPP Chairman said that he had instructed the Sindh government to start a recruitment drive for filling vacant positions, adding that all appointments must be made on the basis of merit so that the unemployed youth can benefit from the move. He also...
Read more

North Korea imported Chinese masks before declaring Covid victory

Image
North Korea imported more than 1 million facial masks and 15,000 pairs of rubber gloves from China in July, shortly before declaring victory over Covid-19, Chinese trade showed on Saturday. Pyongyang last week declared victory over the coronavirus, ending a little-detailed fight against “fever” cases that had risen to 4.77 million. It has registered no new such cases since July 29. Still, China exported 1.23 million facial masks to North Korea in July, worth $44,307, surging from 17,000 the previous month, according to data released by Chinese customs. From January to July, the last month for which data is available, the North bought more than 11.93 million masks from China, data showed. North Korea did not import any Covid-19 prevention and control products from China in May, the data showed. China’s overall exports to North Korea surged to $59.74 million in July from $19.05 million in June. Top exports were semi- or wholly milled rice, cigarettes, disodium carbonate and smoke...
Read more

Country’s economy has stabilized owing to prudent policies, Asad Qaiser

Image
National Assembly Speaker Asad Qaiser said that the country’s economy has stabilized owing to the prudent policies of the PTI-led government. Addressing a function in Swabi today, Asad Qaiser said that the government’s business-friendly policies were bearing fruit and industries have got momentum in the country. He maintained that the government wanted to make the country an Islamic welfare state. The NA speaker said that Pakistan wanted peace in the entire region besides enhancing good relations with the neighbouring counties. Referring to the Surprise Day being observed today, Asad Qaiser said heroes of the Pakistan Air Force made history on this day by foiling India’s nefarious designs in a befitting manner two years back. Earlier today, Federal finance minister Abdul Hafeez Shaikh had addressed a Webinar predicated on the prosperity of Pakistan noted the global economy is to shrink 4.4 per cent in the backdrop of novel coronavirus. The global economy was experiencing an extr...
Read more

President Ashraf Ghani launches Afghanistan's coronavirus vaccine campaign

Image
Amid ongoing attacks by militants, Afghanistan on Tuesday launched its coronavirus vaccination drive with the hopes of inoculating thousands of Afghans against the disease that has wrecked havoc in the world. Doctors, security personnel, and journalists were among the first volunteers to receive doses of AstraZeneca's COVID-19 vaccine, donated earlier this month by India. "Today, I congratulate the people of Afghanistan for the launch of the first stage of COVID-19 vaccine [drive] with 500,000 doses of vaccines. This is a big opportunity for the people of Afghanistan," said Afghan President Ashraf Ghani as the first jabs were administered. "We don't expect any miracles, but let's help this campaign to be implemented justly," the country's acting health minister Waheed Majroh added. Afghanistan is believed to have been hit hard by the COVID-19 pandemic in the last year, but limited testing and a ramshackle healthcare sector have hampered its abi...
Read more

Taliban declare war in Afghanistan over, call for peaceful relations with world

Image
The spokesperson for the Afghan Taliban on Monday declared that the war in the country is over, saying that the group desires peaceful relations with the world. The statement comes a day after the Afghan Taliban entered Kabul as President Ashraf Ghani left the country, saying he wanted avoid bloodshed and conflict. The group respected women's and minorities' rights and freedom of expression within Sharia law, Spokesperson Mohammad Naeem added. Naeem said the Taliban wanted to have peaceful relations and was keen to develop several channels of communication it had already opened with foreign countries. "We ask all countries and entities to sit with us to settle any issues", he said in an interview with Al Jazeera TV. Two decades ago, the George Bush administration overthrew the Taliban from power in Afghanistan. Naeem said that no diplomatic body or headquarters was targeted in the Taliban's approach and the group would provide safety for citizens and diplo...
Read more

Sanctions could cause space station to crash: Roscosmos

Image
Western sanctions against Russia could cause the International Space Station to crash, the head of Russian space agency Roscosmos warned on Saturday, calling for the punitive measures to be lifted. According to Dmitry Rogozin, the sanctions, some of which predate Moscow’s invasion of Ukraine, could disrupt the operation of Russian spacecraft servicing the ISS. As a result, the Russian segment of the station — which helps correct its orbit — could be affected, causing the 500-tonne structure to “fall down into the sea or onto land”, the Roscosmos chief wrote on Telegram. “The Russian segment ensures that the station’s orbit is corrected (on average 11 times a year), including to avoid space debris”, said Rogozin, who regularly expresses his support for the Russian army in Ukraine on social networks. Publishing a map of the locations where the ISS could possibly come down, he pointed out that it was unlikely to be in Russia. “But the populations of other countries, especially thos...
Read more

Sindh govt seeks army's help in implementation of coronavirus SOPs

Image
The government of Sindh has sought help from the Pakistan Army in implementing coronavirus SOPs as cases of the virus surge across the country. The provincial government has written to the Ministry of Interior, seeking the army's help for the civil administration under Article 245 of the Constitution. Sindh government said it would inform the interior ministry about details regarding troop employment and equipment after holding consultations over the matter. On the other hand, Sindh information ministry Nasir Hussain Shah has warned that the provincial government will impose a lockdown if the situation turns alarming in Sindh. "The provincial government is ready; if [coronavirus] situation worsens, we will impose a lockdown," he had said on Saturday. A day earlier, army troops were deployed in Islamabad and Peshawar after PM Imran Khan announced their help would be needed in ensuring implementation of safety protocols. Officials of the Islamabad administration had...
Read more

FM Qureshi contact with UN Secretary General to discuss regional, global issues

Image
Foreign Minister Makhdoom Shah Mahmood Qureshi spoke on the telephone with United Nations Secretary General (UNSG) Antonio Guterres on Monday here and exchanged views on current regional and global issues. The Foreign Minister briefed the UNSG chief on the so-called “accidental” firing of a missile by India on 9 March 2022 which fell to the ground in Pakistan’s territory. He stressed that it was a blatant violation of Pakistan’s airspace and reflective of India’s disregard for aviation safety as well as regional peace and stability. The Foreign Minister emphasized that Pakistan continued to act with restraint and responsibility. Noting the multiple shortcomings and technical lapses of a serious nature in India’s management of strategic weapons, the Foreign Minister underscored Pakistan’s demand for a joint probe into the incident. The Foreign Minister added that the incident was consistent with India’s irresponsible conduct and needed to be addressed by the international community,...
Read more

Pakistan Army continued its relief and rescue operation in Karachi: ISPR

Image
Pakistan Army on Monday continued its relief and rescue operation in Karachi, Inter Services Public Relations (ISPR). According to a statement issued by the military’s media wing, the Army personnel removed rainwater from underpasses located at Golimar, Golimar and KPT, adding that these underpasses have been reopened for traffic. However, the dewatering process was continued in various areas inundated with rainwater, read the statement. The Army personnel were also shifting vehicles trapped in rainwater to safe locations and removing other obstacles from the major thoroughfares in order to ensure smooth flow of traffic in the city. The ISPR said that 32 medical camps and 56 relief camps were also established with the support of the civil administration. “Three field medical centres have been established in Qayyumabad, Surjani and Saadi Town, where affected people are provided medical facilities,” it said. Earlier on August 29, Pakistan Army’s engineers had continued de-waterin...
Read more

Monsoon rains add to Karachi’s woes, kill two youngsters

Image
A powerful monsoon system formed in the Arabian Sea caused torrential downpours in various parts of Karachi Sunday evening, but it claimed the lives of two youngsters. According to the police, a woman and her three-month-old daughter fell into a flooded nullah in the Buffer Zone area while they were passing through on a motorbike. The woman was rescued in an unconscious state, while a search for her daughter was initiated. According to officials, lightening struck 16-year-old Raju, son of Hashim Shaikh, in Malir's Jam Mahar Ali Goth, and he was immediately taken to a nearby private hospital, where doctors pronounced him dead, after which his body was taken to the Jinnah Postgraduate Medical Centre (JPMC). Farhan, son of Khalid, was electrocuted at his shop in Orangi Town, according to the Mominabad police, and his body was taken to the JPMC. The much-feared monsoon rains wreaked havoc on the city, inundating all major thoroughfares and causing severe traffic jams for hours. ...
Read more