China’s consumer prices rose at their fastest rate in over two years in September, data showed on Friday, just days ahead of a key leadership meeting where the sputtering economy will top the agenda, reports Nikkei Asia. The fresh inflation figures came as China’s central bank chief pledged on Friday to step up support for the world’s second-largest economy as it grapples with the impact of a global slowdown and Beijing’s zero-COVID policy, which forced repeated lockdowns in major cities that hurt consumer spending and production.
The faltering economy, which narrowly avoided a contraction in the second quarter, will be a key theme as China’s national congress kicks off Sunday in a twice-a-decade convention that picks the country’s new leadership and decides policy goals for the next five years.
On Friday, official figures showed China’s consumer price index rose 2.8% from a year ago following a 2.5% rise in August, according to figures from the National Bureau of Statistics.
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