China's consumer inflation rises in March


Ghana's annual consumer price inflation fell to 12.8 percent in March from 13.2 percent the previous month mainly due to lower non-food rates, notably for transport and health, the statistics office said on Wednesday.

With the Bank of England predicting inflation will hit close to 3 percent by the end of the year, real earnings are about to turn negative for most workers.

However, MPC members have urged caution over an imminent rise, with sterling's plunge since the European Union referendum result vote squeezing consumers as companies pass down their soaring costs.

Today's jobs report from the Office for National Statistics (ONS) gave little cause for concern about the health of the United Kingdom labour market amid worries that Britain's economy may be losing steam in the run up to the Brexit negotiations.

United Kingdom house prices rose by 5.8 per cent to a new record in the year to February, increasing by half a per cent on the previous month, according to data on Tuesday from the Office for National Statistics (ONS).

China's producer price index, which measures costs of goods at the factory gate, rose 7.6 percent year on year in March.

Food alone climbed 0.6% between February and March, with pricier margarine and crisps pushing costs higher.

Consumer price inflation may regain some ground but should remain below 2 percent, Julian Evans-Pritchard, a China economist at Capital Economics, said. The cost of flying becomes more expensive around the Easter holiday period.

Fuel pump prices were also dragging on CPI. Property values edged up by 0.6% month on month in February.

For years, the world economy has been mired in tepid inflation or deflation which, if persistent, tends to be bad for industrial prospects and economic growth because customers delay purchases in the hope of getting cheaper deals in the future, starving companies of business and funds.

The figures were affected by a drop in food prices, while prices for medical care, housing, education and entertainment, and transportation and communication have increased, NBS's Sheng said. "That will only happen if wages start to grow strongly as we try to bolster our spending power and/or our expectations of future inflation start to rise to levels inconsistent with the target".

Food prices, the biggest component of the consumer price index (CPI), fell by 4.4 percent and remained the major drag.

China lowered gasoline and diesel retail prices late last month by most so far this year.

United Kingdom inflation's huge surge since the Brexit referendum paused in March, remaining at the same level seen in February, according to the latest release from the Office for National Statistics on Tuesday.

The inflation for clothing and footwear increased to 4.60% in March 2017, while the CPI inflation of fuel and light surged to 5.56% in March 2017.