(MENAFN- Qatar News Agency) China's consumer prices grew 2.3% in February from one year earlier, up from January's 1.8%, official data showed on Thursday. The reading beat expectations as economists from the Bank of Communications and China Merchants Bank forecast a 1.8% year-on-year increase for February.
The consumer price index (CPI), a main gauge of inflation, grew 1.6% month on month, the National Bureau of Statistics (NBS) said in a statement. Food prices, which account for one-third of the CPI calculation, soared 7.3% year on year while non-food inflation edged up 1%, according to China's (Xinhua) News Agency.
Since this January, CPI data has been based on a new comparison base that takes into account new products and services, reflecting a change in the consumption pattern, according to the NBS. The adjustment slightly tuned down the weight of food. China's producer price index (PPI), which measures wholesale inflation, dropped for the 48th consecutive month to 4.9% year on year in February, narrowing from the 5.3% drop in January and 5.9% in December. Month on month, producer prices in February edged down 0.3%.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.