CBN丨China's CPI up 0.1% in December

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China's consumer prices increased modestly in December while factory-gate prices saw a slowdown in annual declines, official data showed on Thursday.

The country's consumer price index, a main gauge of inflation, rose by 0.1 percent year-on-year in December after a 0.2 percent rise in November, the National Bureau of Statistics said.China's full-year inflation rises 0.2 percent in 2024, in line with the previous year's pace.

Within the CPI, food prices dropped 0.5 percent year-on-year in December versus a 1 percent annual growth in November. Meanwhile, non-food prices posted a 0.2 percent rise compared with a year earlier in December.

On a month-on-month basis, the CPI remained unchanged, following a 0.6 percent decline in November.

China's producer price index, which gauges factory-gate prices, dropped by 2.3 percent from a year ago in December, narrowing from a 2.5 percent fall in November.

On a month-on-month basis, the PPI dropped 0.1 percent in December after a 0.1 percent rise in November.

Dong Lijuan, an NBS statistician, attributed the year-on-year CPI growth to the smooth functioning of the consumer market, while the factory-gate prices declined due to factors including December being the traditional offseason for production for some industries and the international commodity price fluctuations.

Meanwhile, Zheng Shanjie, head of the National Development and Reform Commission(NDRC), China’s state economic planner, vows to expand domestic demand on all fronts this year.

In an article he published in the state-backed newspaper People’s Daily today, Zheng wrote that the NDRC would push the implementation of major national strategies and the construction of security capacity in key areas faster and step up efforts on the replacement of existing equipment and devices.

The NDRC would also implement special schemes to boost consumption to integrate consumption promotion with livelihood benefits closely. The goal is to maintain stable economic growth and stabilize employment and prices in general, said Zheng.

To achieve the target, the NDRC would strengthen counter-cyclical policies, put outstanding policies in place, and introduce timely and practical measures, Zheng added.

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