China: producer prices continue to rise – but not as strongly as they were recently
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BEIJING (dpa-AFX) – In China, after a 26-year high in October, the rise in producer prices slowed more than experts expected. In addition, the increase in consumer prices was less than expected. According to experts, this increases the scope for the central bank to lower the key interest rate for the first time since April 2020.
The price index for manufacturers rose by 10.3 percent in December compared to the previous year, as the statistics office reported in Beijing on Wednesday. Experts had expected a plus of a little more than eleven percent. In November, prices for producers are still waiting by 12.9 percent and in the previous month even increased by 13.5 percent. The increase in October was the highest in 26 years.
The Chinese government recently tried to curb the rise in producer prices with a number of measures such as intervening in the raw material markets. The data from November and December show at least the first signs of success of the government’s steps.
At the end of the year, consumer prices did not rise as strongly as economists had expected. They have increased by 1.5 percent compared to the previous year – after an increase of 2.3 percent in November. The economists recorded by Bloomberg had expected an increase of 1.7 percent./zb/stk
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