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Inflation remains at lowest level in 8 months
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China’s inflation remained at the coolest level in eight months, leaving room for policymakers to boost the economy from its softened momentum.
The Consumer Price Index, the main gauge of inflation, expanded 2.5 percent in January from a year ago, the National Bureau of Statistics said today.
The pace was the same as December, which was the lowest since May.
The Producer Price Index, the factory-gate gauge of inflation, fell by 1.6 percent last month, widening from 1.4 percent in November. The reading has been in the negative territory for 23 months, the longest streak since 2000.
“The reading of January headline CPI inflation suggests that inflation remains at a benign level and is unlikely to become a priority policy concern,” said Zhu Haibin, chief China economist of JP Morgan. “While we expect PPI to return to the positive territory around mid-2014, it may take much longer to address the structural problem of overcapacity in certain manufacturing sectors.”
Zhu said the growth momentum has softened from the latest peak in the third quarter last year.
The inflation data were released among mixed economic indicators. While several January purchasing managers’ indexes revealed slower expansion in manufacturing and service industry activities, the stronger-than-expected trade data released yesterday signaled strengthening demand.
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