Inflation seen rising in big Asian nations next year

Stronger footing: A woman walks under China and Hong Kong flags outside a mall in Hong Kong. Consumer spending in China will gain a firmer footing later this year and into 2022. — Reuters

SHANGHAI: Renewed virus restrictions across Asia have weakened consumer spending, but inflation may keep ticking higher in some of the region’s biggest economies.

China’s consumer prices will climb an estimated 80 basis points next year, the most in Asia, followed by Indonesia seen observing an increase of three quarters of percentage point, according to economists surveyed by Bloomberg. Analysts see the biggest price falls in the Philippines, where inflation is seen easing 1.2 percentage points.