November 9, 2022
On account of weakening demand, China’s consumer price inflation slowed down more than anticipated in October, while production prices dropped for the first time since December 2020, according to official data.
The National Bureau of Statistics said that between October and the same month last year, consumer prices increased by 2.1 percent.
This increased more slowly than both the 2.8 percent gain reported in September and the 2.4 percent projection made by experts.
Inflation in 2022 is expected to remain “about 3 percent,” according to the government.
Core inflation, which excludes food and energy, remained constant in October at 0.6 percent, according to the report.
Consumer prices increased by 0.1 percent month over month, which was less than the predicted increase of 0.3 percent.
According to a separate statement from the NBS, base effects were mostly to blame for the 1.3 percent annual fall in producer prices in October.
Source: RTT News
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