China’s CPI rises 0.2% in Nov. ’24

China’s consumer price index (CPI) increased by 0.2 per cent year-on-year (YoY) in November, reflecting stronger consumer confidence, according to data from the National Bureau of Statistics (NBS) on Monday. The figure was slightly lower than October’s 0.3 per cent rise, mainly due to slower food price growth, noted NBS chief statistician Dong Lijuan.

Core CPI, which excludes food and energy, climbed 0.3 per cent YoY, up from 0.2 per cent in October. Moreover, on a monthly basis, CPI dropped 0.6 per cent in November, extending the 0.3 per cent decline in October. For the January-November period, average CPI rose 0.3 per cent compared to the same period last year.

Wen Bin, chief economist at China Minsheng Bank, projected further CPI increases as winter weather could disrupt vegetable supplies and boost meat demand. He added that measures to stimulate domestic demand and consumer confidence may also lift core CPI.

On the other hand, the producer price index (PPI), which tracks factory gate costs, fell 2.5 per cent YoY in November, narrowing from October’s 2.9 per cent decline. On a monthly basis, PPI edged up 0.1 per cent after a 0.1 per cent drop in October.

Attribution: Xinhua

Subediting: M. S. Salama