China's annual inflation eases to 2.1% in October

ANKARA

China's annual consumer inflation rate decreased to 2.1% in October, below market estimate, according to official data released on Wednesday.

The figure eased from September's 29-month high of 2.8% thanks to a slowdown in price growth of both food and non-food.

Food prices increased 7% year-on-year in October versus a 8.8% hike in September and non-food inflation slowed to 1.1%, down from 1.5%, the National Bureau of Statistics said.

China's core inflation, excluding food and energy, rose 0.6%, unchanged from the previous month.

On a monthly basis, consumer prices index climbed 0.1% in October, down from September's reading of 0.3%.

Meanwhile, China's producer prices declined for the first time in nearly two years, down 1.3% on an annual basis in October, due to weak demand and output disruptions amid its zero-COVID policy.