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China's January CPI rises 0.8%, PPI dips 4.3%
1月份中國CPI上漲0.8%
China's consumer price index for January rose a mild 0.8 percent on the year, matching a wildly expected dip to below 1 percent.
It is the lowest level seen in five years. This, followed the country's disappointing January trade figures, indicates a persistent weakness in the economy. January CPI dipped 0.7 percentage point from December's reading of 1.5 percent. It was mainly led by an ease in vegetable prices on a warm winter, and cheap domestic fuel cost on falling international oil prices.
Also, January last year overlapped with Chinese New Year, which pushed up costs of living, and the base of comparison high. Producer price index, a main gauge of inflation at the wholesale level, dropped 4.3 percent, missing forecasts. It is the 35th consecutive decline, and was mainly affected by weak international oil price and commodity prices.
