the Growth of consumer prices in China in January accelerated to the highest level in more than eight years. At the same time, producer prices moved to growth after six months of decline in a row.
producer Prices in January rose by 0.1% in annual terms, according to data from the National Bureau of statistics of China. The result matched the forecast of analysts polled by Reuters. In December 2019, producer prices fell by 0.5%.
Consumer prices in China last month grew by 5.4% in annual terms. Analysts had expected inflation to accelerate to 4.9% from 4.5% in December.
the Acceleration of inflation due to increased demand during the New year celebrations on the lunar calendar, the outbreak of coronavirus and a low base last year, said the National Bureau of statistics.
movement Restrictions designed to contain the spread of the virus, forced the inhabitants to stock up on necessities.
pork Prices have jumped by 116%, which was the highest growth since 2007. The increasing demand for a favorite meat of the Chinese people during the festive period and the reduction of livestock following the outbreak of African swine fever led to a sharp rise in prices.
prices of food in General, in January grew by 20.6%, the fastest rate since 2008.
Consumer prices, excluding volatile prices for food and energy prices in January increased by 1.5%.