China inflation slows as lockdowns ease

Inflation in China grew at its slowest pace since last October, official data showed Friday, falling from eight-year highs due to a drop in food prices as the country gradually lifts virus lockdowns.

Consumer prices jumped 4.3 percent in March year-on-year, the National Bureau of Statistics (NBS) said, after increasing 5.2 percent in February. This is lower than the forecast of a 4.9 percent increase by analysts polled by Bloomberg.

Weak oil prices and suppressed demand due to drastic coronavirus measures meant that consumer inflation last month grew at the slowest pace since October, according to NBS data.

The price of China's staple meat - which was already high after African Swine Fever ravaged the country's pig herds - increased 116.4 percent in March compared with a year earlier, down from the 132.5 percent jump in February.