Sponsored Links
China's consumer price inflation unexpectedly eased in January, reducing the pressure on its central bank to raise interest rates amid fears the economy may be overheating.
Consumer prices increased 1.5% year-on-year in January, the National Bureau of Statistics said on Thursday, missing analyst expectations for a 2.1% increase following the 1.9% growth in the previous month.
The rise in prices was mainly driven by a 3.7% surge in food prices. Prices of fresh vegetable surged 17.1% while that of fresh fruit and eggs were up 9.8% and 6.8%, respectively.
Non-food prices climbed 0.5% in January. Prices of tobacco & liquor rose 1.5% while water, electricity & fuel prices increased 4.6%.
On a monthly basis, the consumer price index rose 0.6% in January after the 1% upturn in December. Food prices climbed 1.8%, of which fresh vegetable costs rose 5.2% and egg prices were up 1.6%.
The slowdown in inflation lessens worries that China's economy may be expanding too quickly.
China's economy recorded double-digit growth in the fourth quarter of 2009 and is poised to overtake Japan to become Asia's biggest economy. Economic data for the three months through December showed an expansion of 10.7%, while full year growth reached 8.7%.
Observers had expected the Chinese central bank to raise interest rates ahead of official guidance in order to control prices, while banks have already been ordered to increase the amount of money they hold in reserve and curb lending to limit growth.
Separately, the statistical bureau said that producer prices surged 4.3% annually in January. This came above expectations for a 3.5% inflation rate after the 1.7% increase in the preceding month.
Prices of raw materials, fuel & power jumped 8% in January. Crude oil prices soared 69.7% while coal mining & washing prices spiked 5%.
Also, the People's Bank of China announced that M2 money supply - broadest measure of money supply in the country - was up 26% year-on-year in January, slower than the 27.7% rise in December. The M1 money supply growth rate stood at 39%.
Data also showed that financial institutions in China extended CNY 1.39 trillion in local-currency loans in January. This compares to the CNY 1.61 trillion in local-currency loans extended a year ago. Household loans were worth CNY 450.20 billion, while non-financial companies and other sector loans amounted to CNY 941.50 billion.
On Wednesday, the General Administration of Customs said that Chinese exports surged 21% year-on-year to $109.48 billion in January. This came below expectations for a 28% increase following the 17.7% gain in the previous month.
Imports jumped 85.5% to $95.31 billion, faster than the 55.9% increase a month ago. Economists were looking for a 85.2% rise.
On a monthly basis, however, exports slumped 16.3% while imports were down 15.1%.
0 komentar:
Post a Comment