CPI increase is slowest in more than five years
China’s consumer price index, a main gauge of inflation, increased 0.8 percent year on year in January, the slowest rise in more than five years, the National Bureau of Statistics announced.
Food prices, which account for nearly one-third of China’s CPI, increased 1.1 percent year on year. Onamonthlybasis,consumerprices in January edged up 0.3 percent.
The NBS attributed the tempering growth to retreating food prices due to warmer weather during the period. A bigger comparison base last year, and global oil prices also helped drag down the price levels.
Meanwhile, China’s producer price index (PPI), which measures wholesale inflation, plunged 4.3 percent year on year in January, marking the 35th straight month of decline.