China CPI up 1.8% in December, PPI down 0.7

China’s consumer price index (CPI), the main indicator of inflation, rose 1.8% in December on a year-on-year basis, outpacing the 1.6% annual increase posted in November, data showed on Thursday. of the National Statistics Office (ONE).

The increase was attributable to the resumption of travel and entertainment activities with the continuous optimization and adjustment of COVID-19 prevention and control policies, said NBS senior statistician Dong Lijuan.

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China’s producer price index (PPI), which measures the cost of goods at the factory gate, fell 0.7 percent on-year in December 2022, declining from a 1.3-percent decline on record. in November, according to the NBS.

China’s consumer price index (CPI), the main indicator of inflation, rose 1.8% in December on a year-on-year basis

The smaller year-on-year decline in December was due to the lower base of comparison in the same period last year and lower oil prices, Dong said.

In 2022, China’s CPI rose 2% and PPI 4.1% year-on-year, respectively.

China’s Ministry of Commerce said last week that it would implement policies to boost consumption and that consumer demand would gradually recover with ongoing optimization of COVID-19 prevention and control measures.

Article republished from the Chinese state media CGTN within the framework of an agreement between both parties to share content. Link to the original article: https://news.cgtn.com/news/2023-01-12/China-s-CPI-up-1-8-in-December-2022-1gwDNq0MYNO/index.html