China's consumer inflation steadied while factory-gate prices fell at a slo...
BEIJING - China’s consumer inflation steadied while factory-gate prices fell at a slower pace in December, giving Beijing room to stay the course on monetary easing as economic growth cools.
China’s consumer prices in December rose 4.5% from a year earlier, National Bureau of Statistics data showed on Thursday, unchanged from November’s pace, but lower than analysts’ forecast of 4.7%. The gains were again fueled by a surge in pork prices as African swine fever ravaged the country’s hog herds.Analysts expect consumer inflation may stay elevated for sometime due to higher food prices during the Lunar New Year and as global oil costs spike amid recent geopolitical tensions.
The slower pace of decline in producer prices was in line with improving price components in recent factory surveys. Milder price deflation was partly supported by a recovery in petroleum, coal and other fuel processing industries, the NBS said in a statement. Pork prices jumped 97% year-on-year in December, data showed, accounting for 2.34 percentage points of the CPI increase. That compared with a 110.2% jump in November.
China plans to keep its inflation target at around 3% in 2020, unchanged from last year, Reuters reported citing sources, confounding speculation it might raise the bar to give it room for extra economic stimulus.
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