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China’s inflationary pressure rose in December, as Beijing’s abrupt reversal of its zero-COVID strategy last month paved the way for an economic rebound, official data showed Thursday.
For the full year, China’s consumer price index rose 2.0% from 2021, below an official target of around 3%, while its producer price index rose 4.1%.
China’s consumer price index rose 1.8% from a year earlier in December, up from November’s 1.6% year-on-year increase, the National Bureau of Statistics said. The result was on par with the 1.8% increase expected by economists surveyed by The Wall Street Journal.
Food prices rose 4.8% on year in December, down from November’s 3.7% increase. Meanwhile, pork prices rose 22.2%, easing from a 34.4% increase in November, the statistics bureau said. Non-food prices increased 1.1 %, the same pace as November’s growth.
China’s core CPI, which excludes food and energy prices, rose 0.7% in December, compared to a 0.6% increase in November.
China’s CPI was 0% on month December.
The producer price index fell 0.7% from a year earlier in December, narrowing from the 1.3% decline recorded in November and lower than the 0% print expected in the poll.
On a monthly basis, China’s PPI dropped 0.5% in December.
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