China January consumer inflation quickens to 2.5 percent, beating forecasts

China January consumer inflation quickens to 2.5 percent, beating forecasts

As per the data, food inflation basket witnessed contraction for the second month in a row with inflation at (-) 0.56 per cent in January as against (-) 0.70 per cent in December.

Inflation pressure remains, however, as the price paid for raw materials by United Kingdom manufacturers jumped 20.5% on the year, the fastest annual pace since September 2008.

The gain was higher than a 5.5 percent rise in December and market estimates of 6.3 percent.

Rising energy costs have recently become a prime source of inflation, reversing a trend in recent years in which falling oil prices were suppressing inflation.

In addition, Boston Fed President Eric Rosengren, a long-time dove who last year switched tack and began pushing for tighter monetary policy said the central bank may need to raise interest rates a bit more aggressively than the thrice-per-year pace forecast by policymakers.

The annual increase was below consensus forecasts for a steeper increase to 1.9%, although this was still the highest annual rate since June 2014.

However, Nossek does not expect inflation to reach much higher than 2 per cent as he believes the oil price lacks momentum - despite production cuts from Opec and non-Opec nations. USA crude CLc1 settled down 0.2 percent at $53.11 and Brent LCOc1 closed down 0.4 percent to $55.75 a barrel.

The pace quickened from the 2.1 percent rise in December as the Lunar New Year Holiday pushed up food, transport and travel expenses, according to Sheng.

VRS plea of food protester constable cancelled: BSF
Sharmila Yadav, speaking to ANI , said that she had waited for her husband's arrival on January 31 but he did not turn up. Tej Bahadur had posted a video on social media complaining about the quality of food the soldiers were being served.

However, the rising costs in food and fuel were partially offset by prices for clothing and footwear, which fell by more than they did a year ago.

In January alone, food prices increased by 2.3%, led by a 3.4% jump in pork prices, a staple of the Chinese diet.

Retailers face higher costs from imported goods, fuel and the national living wage, but are generally engrossed in price wars to win market share. It was the largest monthly increase in over a year.

Kathleen Brooks, research director at City Index told What Investment that one of the factors which dampened inflation in recent months has been the continious pattern of discounting by retail companies, such as Kingfisher and Tesco.

So-called core producer prices have climbed 1.6% in the past year, down from a two-year high of 1.8% two months ago.

Petrol rose to 118.6p per litre in January, up from 114.6p the previous month, and 101.8p in January 2016. In open market operations earlier this month, it raised the lending rates to banks by 10 basis points, a move widely interpreted as a shift towards a more neutral monetary policy as economic fundamentals improved.

Food prices showed the smallest annual decrease since July 2014 as the cost of chocolate and candies rose by nearly five per cent on the month.

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