The consumer price index, the main indicator of inflation in China, rose by 1.8% year-on-year in December, meaning it rose by 2% during the full year 2022, according to data released today.
Data published by the Chinese National Institute of Statistics confirm that the increase in consumer prices remained below the 3% ceiling that Beijing had set as an official target for 2022.
In turn, the producer price index, which measures industrial prices, fell 0.7% year-on-year in December, thus moderating growth over the year to 4.1%, according to official data.
The consumer price index had increased by 1.6% year-on-year in November, the month in which the producer price index fell by 1.3%.
The evolution of consumer prices last month coincided with the most widespread forecasts among analysts, while that of industrial prices was below, as experts expected a contraction of 0.1%.
On a month-on-month basis, the consumer price index remained the same as in November while the producer price index dropped by 0.5%.
On Tuesday, the World Bank lowered its forecast for China’s economic growth for 2023, anticipating it to be 4.3% against 5.2% in June, due to inflation, rising interest rates and to the war in Ukraine.
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