With Prices In Check, Mainland Inflation Eases

Inflation on the mainland slowed in January, official data showed on Wednesday, as the government pledged to keep prices in check in the world's second-biggest economy.

The producer price index (PPI), which measures the cost of goods at the factory gate, rose 9.1 percent on-year, according to the National Bureau of Statistics, tracking falls in coal and steel prices.

It was below the 9.5 percent forecast in a Bloomberg survey of economists, and marked the third straight month of PPI easing. It was 10.3 percent in December 2021.

Policies to ensure supply and price stability were "vigorously promoted" to ease pressure from rising oil and commodity prices in international markets, National Bureau of Statistics senior statistician Dong Lijuan said in a statement.

The PPI had risen in four consecutive months last year, piling pressure on officials to stop costs from spiralling out of control.

The consumer price index (CPI), a key gauge of retail inflation, rose 0.9 percent on-year in January.

That too was below analysts' expectations and down from December, when it came in at 1.5 percent.

Dong said consumer prices remained largely stable ahead of the Lunar New Year holidays. (AFP)