China’s annual inflation rate jumped to 5.4% in January 2020 from 4.5% in December, above market consensus of 4.9%. This was the highest inflation rate since October 2011, as food prices rose the most in near 12 years mainly due to a surge in pork prices, while non food prices advanced faster, on the back of stronger demand during the Lunar New Year holiday and ongoing coronavirus outbreak. In January, food prices rose 20.6% yoy, the most since April 2008, following a 17.4% advance in December.