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China's December inflation hits 7-month high on food prices
By Wang Yanlin |
January 11, 2013, Friday
|
Online Edition
Online Edition
CHINA'S inflation rose to a seven-month high in December due to extreme weather that led to higher food prices, the National Bureau of Statistics said today.
The Consumer Price Index, the main gauge of inflation, expanded 2.5 percent from a year earlier last month, accelerating from the growth of 2 percent in November.
Food costs, which account for one-third in the CPI basket, increased 4.2 percent in December, up from 3 percent a month earlier. Vegetable prices, which are easily affected by disrupted supplies due to weather conditions, jumped 14.8 percent.
"The higher-than-expected inflation figure is mainly due to extreme coldness this winter," said Li Maoyu, an analyst at Changjiang Securities Co. "Pork price, the common trigger of stronger inflation in the past, fell 6.2 percent last month, indicating the nature of seasonal changes in this round of inflation rebound."
In 2012 as a whole, China's consumer prices gained 2.6 percent year on year, less than the target of 4 percent set at the beginning of 2012.
The Producer Price Index, the factory gate measure of inflation, dropped 1.9 percent in December, with the decline narrowing for a fourth consecutive month but still pointing at a controllable inflation in the future, analysts said.
The PPI lost altogether 1.7 percent last year.
The Consumer Price Index, the main gauge of inflation, expanded 2.5 percent from a year earlier last month, accelerating from the growth of 2 percent in November.
Food costs, which account for one-third in the CPI basket, increased 4.2 percent in December, up from 3 percent a month earlier. Vegetable prices, which are easily affected by disrupted supplies due to weather conditions, jumped 14.8 percent.
"The higher-than-expected inflation figure is mainly due to extreme coldness this winter," said Li Maoyu, an analyst at Changjiang Securities Co. "Pork price, the common trigger of stronger inflation in the past, fell 6.2 percent last month, indicating the nature of seasonal changes in this round of inflation rebound."
In 2012 as a whole, China's consumer prices gained 2.6 percent year on year, less than the target of 4 percent set at the beginning of 2012.
The Producer Price Index, the factory gate measure of inflation, dropped 1.9 percent in December, with the decline narrowing for a fourth consecutive month but still pointing at a controllable inflation in the future, analysts said.
The PPI lost altogether 1.7 percent last year.
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