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China October inflation dips to 1.7% on year

Published on Nov 9, 2012 9:53 AM
 
This photo taken on Oct 17, 2012 shows people shopping in the financial district of Shanghai. China's annual consumer inflation eased to 1.7 per cent in October from September's 1.9 per cent, official data showed on Friday, leaving policymakers with some scope to tweak monetary policy if necessary to shore up growth. -- PHOTO: AFP

BEIJING (REUTERS) - China's annual consumer inflation eased to 1.7 per cent in October from September's 1.9 per cent, official data showed on Friday, leaving policymakers with some scope to tweak monetary policy if necessary to shore up growth.

Economists polled by Reuters had forecast inflation to hold steady at 1.9 per cent in October.

The National Bureau of Statistics said China's producer price index dropped 2.8 per cent in October from a year earlier, which compared to forecasts for a 2.7 per cent decline.

Chinese's factory-gate deflation in recent months has cut into corporate profits and reinforced expectations that consumer inflation will stay tame in the coming months.

 
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