Follow us on:   

China January consumer prices up 1.8%
February 18, 2016, 4:53 am

Food prices account for one-third of the CPI calculation [Xinhua]

Food prices account for one-third of the CPI calculation [Xinhua]

China’s consumer prices rose for a third consecutive month in January spurred by rising food prices, signalling easing of deflationary pressure, official data showed on Thursday. ‘ China’s consumer price index (CPI), a main gauge of inflation, grew 1.8 per cent year on year in January, up from a rise of 1.6 per cent in December, the National Bureau of Statistics (NBS) said in a statement.

Food prices, which account for one-third of the CPI calculation, edged up 4.1 per cent year on year while non-food inflation climbed 1.2 per cent, mainly due to higher prices of medical care, clothing and entertainment.

Pork prices jumped significantly at 18.8 per cent, contributing 0.44 percentage points of CPI growth.

Month on month, consumer prices edged up 0.5 per cent.

The NBS said vegetable prices went up due to supply shortages during a cold January, that demand for pork and transportation rose before the Lunar New Year, and that service prices had increased along with labor costs.

Data revealed on Thursday that China’s producer price index, which measures wholesale inflation, dropped 5.3 per cent year on year in January, the 47th straight month of decline.

 

Source: Agencies