2022/02/16
China’s inflation divergence shows an unbalanced economic recovery. In January, the consumer price index rose by 0.9% year-on-year, the smallest increase in four months, but rebounded month-on-month. The National Bureau of Statistics said that before the Spring Festival, residents' travel increased, and the price of air tickets rose sharply by 20% year on year, but the price decline of pork further expanded to 41%, and the price of fresh vegetables turned from rising to falling year-on-year, due to the increase in vegetable production, according to a vendor’s view. As for core CPI excluding food and energy prices, it rose by 1.2% year on year. Analysts believe that the increase was moderate, reflecting weak domestic demand, but leaves room for the central bank to ease so as to boost economic growth, and the annual inflation is expected to rise to 2.5% or above.
The producer price index, which reflects upstream inflationary pressures, rose 9.1 percent year-on-year in January, the smallest increase in half a year, and slowed for three consecutive months. Under the control of Chinese policies, companies have not been able to pass on costs to consumers.
內地通脹持續回落，一月居民消費價格指數，按年升百分之0.9，升幅是四個月最少，但按月回升。國家統計局指，春節前居民出行有所增加，飛機票價格按年急升兩成，但豬肉價格跌幅進一步擴大至四成一，鮮菜價格按年由升轉跌，有菜販表示，蔬菜產量增加導致價格下跌。至於扣除食品和能源價格的核心通脹，則按年升百分之1.2，分析認為升幅溫和，反映內需疲弱，但預料內地政府會致力穩定經濟增長，全年通脹有望回升至百分之2.5或以上。
反映上游通脹壓力的工業生產者出廠價格指數，按年升百分之9.1，升幅是半年最少，並連續三個月放緩。內地政策調控下，企業未能將成本轉嫁給消費者。
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