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  HOME | Business & Economy (Click here for more)

Chinese Inflation Increases 4.5% Year-on-Year in November

BEIJING – China’s consumer price index, the main indicator of inflation, increased by 4.5 percent year-on-year in November, 0.7 more than the previous month, according to data released by the Asian giant’s National Bureau of Statistics on Tuesday.

The figure exceeded the expectations of analysts who had predicted an inflation of around 4.3 percent for November.

This is the first time since 2011 that China’s CPI has registered a growth of more than 4 percent.

NBS data revealed that, like in previous months, one of the major factors behind the year-on-year increase in CPI was food, which rose by 19.1 percent (up from 15.5 percent in October).

The price of pork, one of the products most in demand among Chinese consumers, increased by 110.2 percent year-on-year last month (in October it was 101.3 percent year-on-year), owing to the African swine fever epidemic that has severely hit the porcine population in the Asian country.

The price of fresh fruits fell by 6.8 percent, but egg prices increased by 10.1 percent, vegetable prices by 3.9 percent and marine products by 2.4 percent.

Prices for non-food items rose by one percent, 0.1 more than in October. In this section, prices in sectors such as education and culture rose by 1.7 percent and textiles by 1.1 percent.

On the other hand, prices in the transport and communications sector dropped by 2.8 percent.

CPI in urban and rural areas recorded year-on-year increase of 4.2 percent and 5.5 percent, respectively.

The data released on Tuesday were well above the Chinese government’s targets, which in March had set out to meet an inflation target of around three percent.

On the other hand, NBS reported that the production price index, which measures wholesale inflation, fell by 1.4 percent, a drop from the figure recorded in October, when it fell by 1.6 percent.

Of the 40 industrial sectors analyzed, prices increased in 12 of them, remained stable in nine, and dropped in the remaining 19 sectors.

 

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