Investing.com – Consumer price inflation in China rose at a faster rate than expected in January, rising to the highest level since October, official data showed on Thursday.
In a report, China’s National Bureau of Statistics said consumer price inflation rose by a seasonally adjusted 4.5% in January, accelerating from 4.1% in December.
Analysts had expected Chinese CPI to rise by 4.0% in January.
Month-on-month, the consumer price index rose 1.5% from December, the biggest month-to-month gain in four years.
Politically sensitive food costs accelerated to 10.5% from December's 9.1%. The January rise in Chinese food costs was driven by a 25.0% increase in the price of pork, the country's staple meat.
The report also showed that producer price inflation rose by a 0.7% in January, slowing from 1.7% in December and beating expectations for rise of 0.8%.
Following the release of the data, Asian stock markets were broadly lower. Hong Kong’s Hang Seng Index slipped 0.2%, while Japan’s Nikkei 225 Index fell 0.15%.
In a report, China’s National Bureau of Statistics said consumer price inflation rose by a seasonally adjusted 4.5% in January, accelerating from 4.1% in December.
Analysts had expected Chinese CPI to rise by 4.0% in January.
Month-on-month, the consumer price index rose 1.5% from December, the biggest month-to-month gain in four years.
Politically sensitive food costs accelerated to 10.5% from December's 9.1%. The January rise in Chinese food costs was driven by a 25.0% increase in the price of pork, the country's staple meat.
The report also showed that producer price inflation rose by a 0.7% in January, slowing from 1.7% in December and beating expectations for rise of 0.8%.
Following the release of the data, Asian stock markets were broadly lower. Hong Kong’s Hang Seng Index slipped 0.2%, while Japan’s Nikkei 225 Index fell 0.15%.