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Chinese consumers more pessimistic

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Chinese consumers more pessimistic

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Consumer confidence in China dropped in the final three months of last year hurt by expectations for rising prices.

China’s National Bureau of Statistics released the data based on surveys. It was the second consecutive quarterly decline.

Concerns about quickening inflation, especially surging property prices, and rising interest rates all had a negative effect on consumer confidence, the survey showed.

Of those consumers polled, 84 percent thought food prices would climb further over the next 12 months, up from 78 percent in the third quarter.

About 67 percent of those questioned believed property prices were on the ascent, up from 62 percent in the previous quarter.

China’s inflation is running close to two-year highs, and many analysts believe it could accelerate in coming months as global food prices soar.