According to the report recently released by the National Bureau of Statistics, inflation rose for the seventh consecutive month in March 2020. Headline inflation edged higher to 12.26% (vs. 12.20% in February), 0.02% lower than our estimate of 12.28%. The uptrend was sustained in both sub-components, with the food index rising by 14.98% YoY (vs. 14.90% in February) while the Core component settled at 9.73% YoY (vs. 9.43% in February).
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