China intends to maintain its target of annual consumer inflation at around 3% in 2020, invalidating rumors that it could target a higher level to allow it more space for continued economic stimulus, Reuters reported, citing policy sources.

Senior officials reportedly approved the target at a conference in December 2019, to be formally disclosed in March, three sources with knowledge of the meeting told Reuters.

Official data showed that Chinese annual inflation surged to its highest level since January 2012 of 4.5% in November 2019 amid a continued rise in pork prices.