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China annual inflation slows more than expected in December 2018

Chinese consumer and producer prices slowed more than expected on an annual basis in December 2018, data released by the National Bureau of Statistics showed.

The consumer price index edged up by 1.9% year over year in December 2018, slowing from a 2.2% annual increase in the previous month and lower than the Econoday consensus estimate of a 2.1% rise. On a monthly basis, the index was flat compared with November 2018, when it eased by 0.3%.

Food prices rose 1.1% on a monthly basis in December 2018, while nonfood prices decreased 0.2% over the same period.

Consumer prices rose 2.1% throughout 2018, according to the NBS.

Meanwhile, producer prices fell 1.0% on a monthly basis in December 2018, compared with a 0.2% decline in the previous month. Year over year, factory prices edged up 0.9%, slowing sharply from a 2.7% annual rise in November 2018.

"This would suggest the risk that China might once again start to export a deflationary impulse across the rest of the global economy, given that trends in [the producer price index] tend to manifest themselves in the headline CPI numbers a few months later," said Michael Hewson, chief market analyst at CMC Markets UK, in a note.