BEIJING: China’s consumer price index (CPI), a main gauge of inflation, edged up 0.3 percent month on month in January 2024, official data from the National Bureau of Statistics (NBS) showed Thursday.

According to China Central Television, January witnessed the second consecutive month of growth, with an expansion of 0.2 percentage points compared to the previous month. Notably, urban prices increased by 0.3 percent, while rural prices experienced a 0.2 percent increase. Food prices rose by 0.4 percent, whereas non-food prices saw a 0.2 percent increase.

Additionally, consumer goods prices grew by 0.2 percent, and service prices increased by 0.4 percent.The CPI in January went down 0.8 percent year on year. The drop was affected by the high base effect caused by the timing discrepancy of the Spring Festival compared to the same period last year, according to the NBS.

Yearly, both urban and rural prices decreased by 0.8 percent; food prices dropped by 5.9 percent, while non-food prices increased by 0.4 perc
ent; consumer goods prices decreased by 1.7 percent, and service prices grew by 0.5 percent.

Source: Emirates News Agency