CHINA China's inflation to ease in rest of year: central bank official

CHINA

China's inflation to ease in rest of year: central bank official

Xinhua

21:12, March 22, 2020

BEIJING, March 22 (Xinhua) -- With the novel coronavirus disease (COVID-19) outbreak being kept under control and market supplies improving, consumer inflation in China is likely to ease in the following quarters, a vice governor of the central bank said Sunday.

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File photo: CGTN

Chen Yulu, vice governor of the People's Bank of China, told a press conference that although the COVID-19 outbreak's impact on consumer prices will still continue for a while, he expects the overall inflation to decline quarter by quarter as production resumes.

China's consumer price index (CPI), the main gauge of inflation, grew 5.2 percent year on year in February, slightly down from the 5.4-percent gain in January.

Chen said price stability is largely subject to the economic fundamentals, and China's overall balance of supply and demand and stable macro-economy does not support long-term inflation or deflation.

The vice governor said the central bank will pay attention to the flexibility and appropriateness when implementing the prudent monetary policy to strike a balance between ensuring growth stability, preventing risks and containing inflation.


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