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  HOME | Business & Economy (Click here for more)

China’s Inflation Drops to 1.6% Year on Year in 2017

BEIJING – China’s consumer price index – the main indicator of inflation – rose by 1.6 percent in 2017, four decimal points less than the 2 percent rise recorded a year earlier, the National Bureau of Statistics (NBS) said on Wednesday.

In December, the CPI recorded a 1.8 percent rise year on year, a one decimal point increase compared to November.

The producer price index, which measures wholesale inflation, grew at 4.9 percent year on year in December, slowing down compared to the 5.8 percent rise recorded in November.

According to the NBS, the slight acceleration in CPI inflation in December was mainly due to a 2.4 percent price rise of non-food products and food prices dropping by 0.4 percent, a slower decline compared to the 1.1 percent recorded in November.

The Bureau said on its website that the prices of medical products and services rose 6.6 percent year on year in December, while housing-related prices rose 2.8 percent and education, culture and entertainment saw a rise of 2.1 percent.

The prices of non food products grew 2.4 percent year on year in December, one tenth less than in November, causing the underlying inflation – which excludes food and energy prices – to drop to 2.2 percent from the earlier 2.3 percent.

 

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