China’s consumer price index fallsMarch 10th, 2009 - 1:45 pm ICT by IANS
Beijing, March 10 (Xinhua) China’s consumer price index (CPI), the main gauge of inflation, fell by 1.6 percent year on year in February, the National Bureau of Statistics (NBS) said Tuesday.
This was the first monthly negative growth since December 2002 when CPI was down to minus 0.4 percent.
NBS said in a statement that the February figure did not represent a deflation problem in China, since the money supply was ample because of the proactive fiscal policy and the relatively easy monetary policy.
NBS said that falling international commodity prices, led by the global financial crisis, contributed to the domestic price fall.
Food prices, which account for about a third of CPI, went down 1.9 percent while non-food products prices sank 1.2 percent.
China has set a full-year inflation target of 4 percent for 2009.
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