Monthly, the CPI inched up by 0.1%, pointing to the first rise in three months but falling below the consensus of a 0.2% rise.
China’s producer prices shrank by 2.7% y/y in December 2023, softer than a 3.0% drop in the previous month and compared with market estimates of a 2.6% decline, marking 15th straight month of producer deflation, highlighting the persistence of deflationary forces in the economy.
Monthly, producer prices declined 0.3%, the same pace as in November. Considering the 2023 full year, China’s factory gate prices fell by 3%, reversing a 4.1% rise in 2022.
Food prices in China declined by 3.7% from the prior year in December 2023, slower than a 4.2% fall in the previous month and marked sixth straight month of drop in the cost of food but the softest pace since September.
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