China's annual consumer inflation rate accelerated in December, driven by rising food prices even as domestic demand wavered amid restrained economic activity during the month
The consumer price index in December was 1.8% higher than a year earlier, rising faster than the 1.6% annual gain seen in November, data from the National Bureau of Statistics showed on Thursday. The result matched a Reuters poll estimate of 1.8%.
China abandoned its strict zero-COVID measures last month, lifting lockdowns, removing quarantine and halting regular testing. As a result, economists expect inflation to continue to accelerate in the first quarter. Food prices were 4.8% higher in December than a year earlier, after an annual rise of 3.7% seen in November.
The average CPI for all of 2022 was 2.0% higher than in 2021, compared with the government target of a rise of around 3%.
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