China's December CPI up 0.2%

Farmers sort navel oranges in Huichang county, Jiangxi province, on Dec 8, 2020.- CHINA DAILY

BEIJING (China Daily/ANN): China's consumer price index, the main gauge of inflation, rose by 0.2 per cent year-on-year in December, compared with a 0.5 per cent decline in November, the National Bureau of Statistics said on Monday (Jan11).

Dong Lijuan, a NBS statistician, attributed the rise mainly to the pickup in consumer demand, the cold weather that pushed up food prices, and rising production costs.

The CPI rose by 2.5 per cent in 2020 from the previous year, the NBS said, within the government target of about 3.5 per cent.

Food prices grew by 1.2 per cent year-on-year in December, versus a 2 per cent drop in November.

Pork prices, a major contributor to food price changes, dropped by 1.3 per cent year-on-year last month, narrowing by 11.2 percentage points from a month earlier, the bureau said.

The core CPI, which excludes volatile food and energy prices, rose by 0.4 per cent year-on-year last month, edging down from 0.5 per cent in November.

Meanwhile, the country's producer price index, which gauges factory gate prices, fell by 0.4 per cent on a yearly basis in December, narrowing from a 1.5 per cent decline a month earlier and sending the whole-year PPI dropping 1.8 per cent.

The steady recovery in domestic demand and sustained rally in international prices of some commodities continued to push up industrial good prices, Dong said, with the PPI rising 1.1 percent on a monthly basis in December, up by 0.6 percentage points from November.

Wu Chaoming, chief economist at Chasing Securities, said he expects China's inflation to remain mild this year with the CPI likely to register an annual growth about 1.5 per cent, while non-food prices are set to replace food prices as the main driving force of prices. - China Daily/Asia News Network

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