Gold Price Prediction - Prices Rise but Remain Range bound as CPI Drops

China car sales mark 1st rise in 22 months but virus to still slam 2020

China car sales mark 1st rise in 22 months but virus to still slam 2020

However, the Consumer Price Index (CPI) data that could be collected telephonically has been released, the National Statistical Office (NSO) said in a release.

This follows a 43% drop in March and a sharper 79% plunge in February as the pandemic pummelled auto demand.

"The sales rebound in April fell short of expectations but. will increase in the next two months" due to the release of pent-up demand as lockdown measures are further eased, CAAM official Xu Haidong said.

Economists polled by Reuters had forecast the CPI falling 0.8 percent in April and rising 0.4 percent year-on-year.

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The department added that data collection last month was also impacted "by the temporary closing or limited operations of certain types of establishments", leading to "an increase in the number of prices being considered temporarily unavailable and imputed". The so-called core CPI dipped 0.1 percent in March, which was the first drop since January 2010.

China's monthly auto sales rose for the first time in nearly two years in April, industry data showed, as more customers visited showrooms after the economy began to open up and authorities loosened coronavirus-related travel restrictions. Overall prices were up 0.3% from a year earlier, the lowest since 2015, and core prices were 1.4% higher from a year ago, the lowest since 2011.

A 20.6-percent decline in the gasoline index was the largest contributor to the monthly decrease in the seasonally adjusted all items index, but the indexes for apparel, motor vehicle insurance, airline fares, and lodging away from home all fell sharply as well.

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