China says inflation slows to 1.7% in October

China's inflation rate slowed to a gain of 1.7 percent year-on-year in October, official data showed Friday, as price pressures in the world's second-largest economy continue to ease.

The rise in the country's consumer price index for last month announced by the National Bureau of Statistics compared with an increase of 1.9 percent in September.

The result marked the sixth month out of the last seven that consumer inflation has slowed and compares with a median 1.9 percent forecast for October in a survey of 12 economists by Dow Jones Newswires.

Producer prices -- which measure the costs of goods as they leave factories -- declined 2.8 percent year-on-year, falling for the eight straight month, NBS data showed. Producer prices fell 3.6 percent in September.

The data come as China's economy grew 7.4 percent in the third quarter through the end of September for its weakest performance in more than three years and the seventh straight quarter of slowing expansion.

Still, recent statistics, including manufacturing, trade and industrial output, have led to optimism among economists that worst of China's slowdown may be over.

China is scheduled to announce industrial production, retail sales and fixed asset investment figures for October later Friday.

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