China’s inflation rises 1.2% in April due to the Iran war
China announced on Monday that inflation in the country rose 1.2% year-on-year in April, driven by rising global energy prices due to the US-Israeli war on Iran.
China’s National Bureau of Statistics reported that the consumer price index rose 1.2% in April, driven by rising energy prices due to the war with Iran.
It also reported that inflation rose, supported by seasonal factors such as increased demand for travel and services during the spring.
On a monthly basis, the index recorded an increase of 0.3 percent compared to last March.
Oil prices are witnessing a continuous rise driven by escalating tensions in the Middle East and threats to the safety of navigation in the Strait of Hormuz, amid doubts about the negotiations between Tehran and Washington.
Global oil prices jumped by about 5% at the start of trading on Monday, following US President Donald Trump’s announcement that he wouldn’t accept Iran’s response to his country’s proposal to end the war, raising fears of a breakdown in diplomatic efforts and a possible escalation.
The United States and Israel began a war on Iran on February 28, with the latter responding by launching attacks on Israel and what it said were US sites and interests in countries in the region, before Washington and Tehran announced a temporary truce on April 8, mediated by Pakistan.
