BEIJING, Jan 12 ― China's consumer inflation rose modestly in December, official figures released today showed, though it remained below two per cent in a sign the...
BEIJING, Jan 12 ― China's consumer inflation rose modestly in December, official figures released today showed, though it remained below two per cent in a sign the economy is still struggling with the effects of years of zero-Covid.
Inflation for the whole of 2022 rose by an average of two per cent, making China an outlier compared with other major economies where prices have soared on the back of a spike in energy and food costs, and supply chain snarls. But the world's second largest economy is still reeling from the effects of years of its zero-Covid policy, which hammered businesses and supply chains and dampened consumption, though many restrictions have now been lifted.
“High-frequency indicators such as traffic flows picked up recently, but demand is still not strong enough to lead to inflationary pressure. Inflation is not a constraint for monetary policy to loosen further this year.”
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