MNI BRIEF: China CPI To "Increase Moderately" In 2024 - NBS

China will see a "moderate increase" in consumer prices during 2024, as the structural and temporary conditions causing negative CPI lessen, Kang Yi, commissioner at the National Bureau of Statistics said at a press conference on Wednesday.

Kang noted China's upcoming Spring Festival would increase food prices and the government would provide policy support to boost domestic demand.China will continue to grow this year as opportunities outweigh challenges, Kang added, noting the government still had broad monetary and fiscal policy space to ensure economic performance.

The Chinese economy grew by 5.2% y/y in Q4, in line with market expectations, bringing 2023 GDP to 5.2%, which ensures Beijing will meet its annual growth target of “around 5%". China's Consumer Price Index fell by 0.3% y/y in December, narrowing from November's three-year low of -0.5%, while the Producer Price Index -- a measure of factory-gate inflation -- also witnessed a narrowed decline.