Chinese consumer prices rose by 4.6% in the year to December, according to a report from Hong Kong-based Phoenix TV.
If correct this would represent a slowing from the 5.1% reported in November Consumer Price Index figures.
Beijing has been trying to control growth amid fears that the economy could overheat, and there are fears high prices could spark social unrest.
Phoenix TV also reported that China's gross domestic product (GDP) grew 10.3% last year.
The station said the figures had been leaked to it from an unnamed Chinese central bank official.
China is scheduled to publish the figures officially on Thursday.
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