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China’s consumer inflation reaches near three-year high
China’s consumer inflation accelerated in December, reaching its highest level in nearly three years, while the decline in factory-gate prices continued to ease, according to official data released on Friday.
The consumer price index (CPI), a key measure of inflation, rose by 0.8 percent year-on-year in December, up from 0.7 percent in November. This marked the strongest increase since February 2023, data from the National Bureau of Statistics (NBS) showed.
Officials attributed the rise largely to higher food prices, alongside stronger domestic consumption. Measures aimed at stimulating demand and encouraging spending, combined with increased purchases ahead of the New Year holiday, contributed to the upward trend.
Food prices climbed 1.1 percent from a year earlier, accelerating sharply compared with the previous month. Prices of fresh vegetables and fruit recorded notable increases, while meat and aquatic products also became more expensive. In contrast, pork prices continued to decline, though at a slower pace.
On a monthly basis, consumer prices rose by 0.2 percent in December, reversing a slight fall seen in November. Core inflation, which excludes food and energy prices, remained stable at 1.2 percent year-on-year, staying above 1 percent for a fourth consecutive month.
At the producer level, the producer price index (PPI) fell 1.9 percent year-on-year in December, narrowing from the previous month’s decline. Analysts linked this improvement to positive developments in several industries and the continued impact of macroeconomic support measures.
