Chinese inflation data for December will be out 8:30 p.m. ET.
Analysts polled by Bloomberg are looking for consumer prices to rise 2.3 percent year-over-year (YoY), from 2 percent in November.
They also expect producer prices to decline 1.8 percent YoY, compared with -2.2 percent in November.
Bank of America's Ting Lu expects consumer prices to climb 2.3 percent and food prices in particular to rise 1.9 percent on higher pork and vegetable prices. "According to the Ministry of Commerce, the average wholesale price of vegetable in the first two weeks of December increased by 12.1% from November and is expected to continue rising in the following weeks."
He expects producer prices to fall 1.8 percent.
Here's a look at Chinese inflation from 2001:
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