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China Inflation January 2024

China: Consumer prices record largest fall since September 2009 in January

Consumer prices fell 0.8% in annual terms in January, a steeper decrease than December’s 0.3% year-on-year fall and a larger fall than markets were expecting. January’s result marked the largest fall in consumer prices since September 2009. Looking at subsectors, lower prices for food drove January’s reading.

Consumer prices increased 0.30% in January over the previous month, accelerating from December’s 0.10% rise. January’s uptick was the highest reading since August 2023. Finally, the annual average variation of consumer prices was flat in January (December: +0.2%).

Meanwhile, producer prices fell 2.5% on an annual basis in January, which was a more modest drop compared to December’s 2.7% decrease.

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