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China's December consumer price index eased to 1.5% y/y from 2.3% in November, below the median forecast of 1.7%, according to the National Bureau of Statistics on Wednesday.

The deceleration is attributed to declining vegetable and pork prices amid sufficient supply, the NBS said. Core CPI, excluding food and energy prices, was up 1.2% y/y, flat from the previous month.

China's producer price index measuring factory gate prices further eased for the second month to 10.3% from November's 12.9%, underperforming a forecast of 11.3%. PPI declined 1.2% monthly for the first time, reversing the previous consecutive growth in the past year. PPI continued to slow amid increased policies to ensure coal supply, weak demand for construction materials such as steel and cement in winter, as well as lower prices of international crude oil and non-ferrous metals, the NBS said.


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