China's December PPI down 1.4%

China's National Bureau of Statistics has released the inflation figures for December. The figures show inflation in China easing in December.

The consumer price index or CPI, a main gauge of inflation, grew 2.5 percent year on year in December, down from the 3 percent in November. Inflation was 2.5 percent in cities and in rural areas. Food prices were the major driver, rising 4.1 percent in the last month, while non-food products edged up only 1.7 percent.

Meanwhile, the CPI rose 2.6 percent year-on-year, well below the government target for the year of 3.5 percent. It shows price rises last year were moderate and stable.

China's producer price index or PPI fell 1.4 percent year on year in December. The PPI, which measures inflation at the wholesale level, has declined for 22 consecutive months. The figure stood unchanged from November. Annualized PPI for 2013 fell 1.9 percent year on year.