Home » [Bilingual Financial News]National CPI fell by 0.5% year-on-year in November China’s prices generally remained stable – China Daily

[Bilingual Financial News]National CPI fell by 0.5% year-on-year in November China’s prices generally remained stable – China Daily

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[Bilingual Financial News]National CPI fell by 0.5% year-on-year in November China’s prices generally remained stable – China Daily

China’s consumer prices fell for a second consecutive month in November while factory-gate prices declined at a faster pace, data from the National Bureau of Statistics showed on Saturday.

Data released by the National Bureau of Statistics on December 9 showed that the national consumer price index (CPI) fell for the second consecutive month year-on-year in November, while the year-on-year decline in the national industrial producer price index (PPI) expanded.

The country’s consumer price index, a main gauge of inflation, dipped by 0.5 percent year-on-year in November, the NBS said, after a 0.2 percent drop in October.

Dong Lijuan, an NBS statistician, said the decline is mainly due to the drop in prices of food and energy.

Food prices fell 4.2 percent year-on-year in November, compared with a 4 percent drop in October. The decline in pork prices, in particular, widened from 30.1 percent in October to 31.8 percent in November.

Non-food prices increased by 0.4 percent year-on-year in November, down from a 0.7 percent rise in October. And the energy prices dropped by 1.3 percent in November after a 1.2 percent rise in October.

On a month-on-month basis, the CPI fell by 0.5 percent, versus a 0.1 percent decline in October.

The growth in core CPI, which excludes volatile food and energy prices and is deemed a better gauge of the supply-demand relationship in the economy, came in at 0.6 percent year-on-year in November, the same as October.

Meanwhile, China’s producer price index, which gauges factory-gate prices, dropped by 3 percent from a year ago in November, following a 2.6 percent fall in October, the NBS said.

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Dong said the wider PPI decline was affected by factors including declining international prices of oil and lackluster demand for some industrial products.

On a month-on-month basis, the PPI dipped by 0.3 percent, after a flat reading in October, according to the NBS.

The decline in CPI and PPI indicates a trend of deflation in China, a situation that may impact economic growth and consumer spending. It is a challenge for the Chinese government to address these issues and help stabilize the economy.

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