China's consumer prices post steepest drop in 14 years

SHANGHAI -- China's consumer prices in January posted the steepest monthly fall in 14 years and producer prices also declined, according to official data that will fan concerns about deflation in the world's No. 2 economy.

Figures released by the National Bureau of Statistics on Thursday showed that prices for consumer goods slipped 0.8% from the same month a year earlier, the biggest such drop since September 2009 and steeper than the 0.3% decline in December. It was the fourth straight month of falls in China's consumer price index (CPI).