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China's CPI down 0.2% in February

Updated: Mar 10,2021 11:18 AM    Xinhua

BEIJING — China's consumer inflation fell in February due to base effects, while factory-gate prices picked up on the back of buoyant economic activities, official data showed on March 10.

The consumer price index (CPI), a main gauge of inflation, declined 0.2 percent year-on-year in February due to a high comparison base last year, according to data from the National Bureau of Statistics (NBS).

People select food at a supermarket in Xixiu district of Anshun, Southwest China's Guizhou province, March 10, 2021. China's consumer price index (CPI), a main gauge of inflation, declined 0.2 percent year-on-year in February due to a higher comparison base last year, data from the National Bureau of Statistics (NBS) showed on March 10. Food prices went down 0.2 percent year-on-year, dragging down the consumer inflation by 0.05 percentage points, according to the data. [Photo/Xinhua]

Food prices went down 0.2 percent year-on-year, dragging down consumer inflation by 0.05 percentage points.

The decline was largely driven by the carryover effect as the COVID-19 outbreak boosted prices of consumer goods in February last year and resulted in a higher base.

The carryover effect sent the CPI inflation down by 1.8 percentage points, while new price increases pulled the growth up by 1.6 percentage points, the NBS data showed.

People select food at a supermarket in Xinle city of Shijiazhuang, North China's Hebei province, March 10, 2021. [Photo/Xinhua]

On a monthly basis, the CPI gained 0.6 percent, with food prices up 1.6 percent due to rising demand and increasing logistics cost during the Spring Festival, which fell in February this year, noted Dong Lijuan, a senior statistician with the NBS.

China has set its consumer inflation target at around 3 percent for the year of 2021, according to a government work report submitted on March 5 to the national legislature for deliberation.

People select food at a supermarket in Zunhua city of Tangshan, North China's Hebei province, March 10, 2021. [Photo/Xinhua]

The data on March 10 also showed China's producer prices, which measures costs for goods at the factory gate, rose 1.7 percent year-on-year in February on top of a 0.3-percent rise in January.

People select food at a market in Nanjing, East China's Jiangsu province, March 10, 2021. [Photo/Xinhua]
People select products at a supermarket in Lianyungang city, East China's Jiangsu province, March 10, 2021. [Photo/Xinhua]

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