Feb. 8, 2024
China's CPI Falls 0.8% in January, Driven by a Sharp Fall in Pork Price
BEIJING, February 8 (TMTPOST) -- China's consumer price index (CPI) fell by 0.8% year on year, compared with the figure of 0.3 percent decline last December, according to data from the National Bureau of Statistics. The sharp year-on-year decline is mainly due to the fact that the Spring Festival, the Chinese Lunar New Year, fell in January last year, coupled with an increase in consumer demand in January 2023 after the removal of pandemic  prevention and control measures, leading to a high base for comparison. Among all components for CPI, food prices decreased by 5.9%, contributing to a decrease of approximately 1.13 percentage points in the CPI. Within the category of food, the prices of pork, fresh vegetables, and fresh fruits plummeted by 17.3%, 12.7%, and 9.1% respectively, contributing a decrease of approximately 0.78 percentage point in the CPI.
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