London, Feb. 15: Despite increasing food prices during New Year celebrations, China’s inflation rate reportedly remained steady in January.
Consumer prices surpassed economists’ expectations and remained stable at 2.5 percent as compared to last year.
According to the National Bureau of Statistics, during the Western and Chinese New Years, food prices went up by 3.7 percent, while factory gate prices fell 1.6 percent marking the 23rd consecutive monthly decline.
ING economist Tim Condon said that inflation was not going to be an issue in China this year, the BBC reported.
Meanwhile, following an increase of 5.4 percent in the annual consumer price index, China’s inflation is reported to have slowed down since 2011. (ANI)