The nation's annual consumer inflation slowed to the lowest rate in a year in February as consumers remained cautious despite relaxed pandemic controls late in 2022.

The consumer price index in February was one percent higher than a year earlier, rising at the slowest pace since February 2022, said the National Bureau of Statistics (NBS).

The result was well below the median estimate of 1.9 percent in a Reuters poll and the 2.1 percent annual rise seen in January.

NBS statistician Dong Lijuan said the drop was caused by a "decline in consumer demand after the holidays as well as sufficient supply in the market".

Analysts say the fall was spurred by falling food prices and cautious spending behaviour.

However, Zhang Zhiwei, President of Pinpoint Asset Management, said: "The weak CPI inflation opens room for the government to launch more monetary easing policies."

Mainland authorities have announced an economic growth goal of "around five percent" for 2023. (Reuters/AFP)