China's consumer inflation slows in February on weaker demand
BEIJING :China's annual consumer inflation slowed down in February as consumers remained cautious despite the abandonment of strong pandemic controls late last year, official data showed on Thursday.The consumer price index for the month was 1.0 per cent higher than a year earlier, rising at the slowest pace since February 2022 and compared with the 2.1 per cent annual rise seen in January, said the National Bureau of Statistics . The result fell short of the median estimate of a 1.
The government has set a target for average consumer prices in 2023 to be about 3 per cent higher than last year, when prices were up 2 per cent on 2021 and fell short of a target for 3 per cent. The economy, the world's second biggest, has seen a tentative recovery from COVID-19 disruption while facing weaker demand abroad and a domestic property downturn.
Core annual inflation, which excludes volatile food and energy prices, was 0.6 per cent in February, compared with January's 1.0 per cent, reflecting persistently weak domestic demand.
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