As 2024 concluded, China's consumer pricing landscape illustrated a deceleration in inflation. According to data from the National Bureau of Statistics, the consumer price index (CPI) grew by a mere 0.1% year on year, marking the slowest increase since April. This figure not only fell short of the 0.2% rise experienced in November but also adhered closely to expectations set forth by analysts surveyed by Reuters. Examining year-over-year changes, food prices displayed a decline of 0.5%, while non-food items recorded a modest increase of 0.2%.
Notably, the overall pricing for consumer goods dipped slightly by 0.2%, in contrast to a rise in service costs, which saw a 0.5% upswing. Delving deeper into specific categories, the data revealed significant fluctuations. The prices of fresh fruits and grains saw dramatic falls of 3% and 1.3%, respectively.
Conversely, livestock meats witnessed an uptick of 1.7%, with aquatic products and fresh vegetables also on the rise, increasing by 1% and 0.5%. In other notable movements, the prices for various goods and services surged by 4.9%, while clothing prices rose by 1.2%. Education, culture and entertainment, as well as medical care, recorded increases of 0.9%, while the housing sector experienced a slight enhancement with a 0.1% rise. Interestingly, transportation and communication costs experienced a decline of 2.2%, alongside a decrease in daily necessities and services, which fell by 0.7%.
Such dynamics highlight the intricate balance of price adjustments across different sectors in the Chinese economy as 2024 reached its conclusion..