China's producer prices showed signs of improvement in December, with the rate of decline slowing, while consumer inflation edged up slightly in 2024, indicating stabilization in the world's second-largest economy.

According to data released Thursday by the National Bureau of Statistics (NBS), China's producer price index (PPI), which measures costs for goods at the factory gate, fell 2.3 percent year on year in December, narrowing from November's 2.5 percent decline.

For the full year of 2024, the PPI declined 2.2 percent, as against the 3-percent drop in 2023.

NBS statistician Dong Lijuan attributed the PPI drop to factors including seasonal production slowdowns in some industries and the impact of fluctuating international commodity prices.

Key industries contributing to the PPI decline included petroleum, coal and other fuels processing, which fell 8.7 percent year on year, and oil and natural gas extraction, down 6.2 percent. However, these sectors, along with several others, showed narrowing declines compared to the previous month.

China's industrial sector is showing signs of improvement despite downward pressure from international commodity prices and domestic industry-specific challenges, Fu Linghui, spokesperson for the NBS, said in December.

Fu noted that newly-introduced macro policy measures are starting to take effect, with some sectors experiencing price stabilization. This trend could pave the way for better business conditions for enterprises.

China's consumer price index (CPI), a main gauge of inflation, rose 0.2 percent year on year in 2024, according to the NBS.

In December alone, the CPI edged up 0.1 percent from a year ago. The core CPI, which excludes food and energy prices, rose 0.4 percent from a year ago last month, up from 0.3 percent in November.