Unsurprisingly, this has exacerbated the fear of deflation, with the consumer price index (CPI) rising by just 0.8% year on year in January, and the annual decline in producer prices steepening, to 4.3%. While these trends are undoubtedly being amplified by plummeting world oil prices, China's core CPI inflation rate (which excludes volatile food and energy prices) was near 1% in January.
与此同时，强势人民币让进口不再昂贵，对中国的物价结构造成了下降压力。毫不奇怪，这加剧了通胀担忧，1月份消费者物价指数（CPI）同比涨幅仅0.8%，而生产者物价降幅扩大至4.3%。这些趋势毫无疑问受世界油价暴跌的驱动，但1月中国核心CPI通胀率（剔除波动性较高的食品和能源价格）也接近1%。