Guangzhou (JLC), February 18, 2024 – China's consumer price index (CPI), a main gauge of inflation, dropped 0.8% year on year in January 2024, data from the National Bureau of Statistics (NBS) showed.
The steep year-on-year drop in January was mainly due to a high base last year, the NBS said. The Spring Festival fell in January last year, compared to February this year. The year-on-year decline was also led by food prices, which fell 5.9% YoY in January 2024, the NBS said.
On a month-on-month comparison, however, the CPI gained 0.3% in January.
Meanwhile, China's producer price index (PPI), which measures factory-gate goods prices, fell 2.5% year on year in January, the NBS data indicated.
On a month-on-month comparison, the PPI dropped 0.2% in January, the NBS data indicated.
