China’s Inflation Pressure Eased in December

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BEIJING — Both China’s factory-gate prices and consumer inflation in December eased more than expected in the previous month, thanks to a fall in oil prices as well as Beijing’s efforts to ensure commodity and food supplies, which Gives more room for policy. Easing in 2022, official data showed on Wednesday.

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According to the National Bureau of Statistics, the producer price index rose 10.3 per cent in December, down from a rise of 12.9 per cent in December a year ago. The result was lower than the 11.2% forecast of economists in a poll conducted by The Wall Street Journal.

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The country’s PPI fell 1.2% from a month ago, as prices of most raw materials have already peaked on falling demand. PPI in 2021 grew by 8.1% compared to a year ago.

Meanwhile, China’s consumer price index rose 1.5% in December from a year earlier, while vegetable prices rose 2.3% in November. The result was slightly below the consensus expectation of 1.6%.

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The moderation in consumer inflation was primarily driven by a fall in food prices, which rose 1.2% in December after rising 1.6% in November.

On a monthly basis, the CPI dropped 0.3% in December, reversing a 0.4% increase in November, driven by an increase in vegetable and pork supplies.

Consumer prices in China registered an increase of 0.9% in 2021.

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