Image Source: TRIBUNE

China's consumer prices rose at their highest rate in more than eight years, official data showed Monday, with inflation more than expected on the back of Lunar New Year demand and a deadly virus outbreak.

Beijing had already been battling a slowing domestic economy before the new coronavirus emerged, disrupting businesses, travel and supply chains.

The consumer price index (CPI), a key gauge of retail inflation, came in at 5.4 percent last month on-year, up from 4.5 percent in December—with prices of pork and fresh vegetables pushing up costs.

Food prices spiked 20.6 percent.

The overall monthly figure exceeded the 4.9 percent forecast by analysts in a Bloomberg survey and is the highest since October 2011.