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Financial News: China Inflation At 32-Month High, Producer Prices Rise

China Inflation At 32-Month High, Producer Prices Rise Most Since 2011

02/14/2017 - 00:55:00 (RTTNews)

(RTTNews) - China's consumer price inflation accelerated to a 32-month high in January as prices surged ahead of the Lunar New Year holidays, and producer prices climbed at the fastest pace since 2011.

Headline consumer price inflation rose more-than-expected to 2.5 percent from 2.1 percent in December, figures from the National Bureau of Statistics showed Tuesday.

This was the highest inflation rate since May 2014. Economists had forecast price growth to rise to 2.4 percent in January.

Driven by pork prices, food inflation rose to 2.7 percent from 2.4 percent and non-food inflation increased to 2.5 percent from 2 percent.

Month-on-month, consumer prices climbed at a pace of 1 percent after rising 0.2 percent in December.

Another report from the NBS showed that producer prices advanced 6.9 percent annually, following December's 5.5 percent increase. The annual rate was also faster than the expected 6.6 percent.

On a monthly basis, producer prices gained 0.8 percent in January.

The main driver of inflation was a sharp pick-up in energy prices. Julian Evans-Pritchard, an economist at Capital Economics, said the base effects that have boosted annual price gains in recent months are soon going to go into reverse.

Looking ahead, the economist does not expect such high rates of headline inflation to last.

Over the medium-term, tighter monetary policy, slowing income growth and cooling property prices should keep broader price pressure contained, the economist added.

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