China's consumer prices decrease faster than expected in October

By Tuba Ongun

ANKARA (AA) – China's consumer prices dropped by 0.2% annually in October, more than the market forecast, according to official data released on Thursday.

The figure swung from a flat reading in the prior month, showed data from the National Bureau of Statistics of China.

Economists had expected a 0.1% year-on-year decline in October consumer prices.

Food prices plummeted by 4% from a year ago due to a steeper fall in prices of pork, most-consumed meat in China, and marked the steepest decline in 25 months.

Core consumer prices, excluding food and energy, rose by 0.6% from a year earlier, following a 0.8% hike in September.

On a monthly basis, consumer prices unexpectedly went down by 0.2% in October while market expected a flat figure.

Producer prices has been in negative territory for the 13th consecutive month, falling by 2.6% in October.