MNI BRIEF: China November CPI Near Two-year High
China’s Consumer Price Index rose 0.7% y/y in November, up from October's 0.2% growth to hit the highest level since March 2024, in line with expectations for a 0.7% gain, according to data from the National Bureau of Statistics released Wednesday.
The y/y increase was mainly driven by rising food prices. On a monthly basis, CPI fell 0.1%, reversing October's 0.2% growth, mainly due to the seasonal decline in service prices. Core CPI, which excludes food and energy, rose 1.2%, flat from October's 1.2%, marking the third consecutive month to be above 1%.
| Key Drivers | Month-on-month Change | Year-on-year Change | ||
| Nov | Oct | Nov | Oct | |
| Vegetables | 7.2% | 4.3% | 14.5% | -7.3% |
| Pork | -2.2% | -2.5% | -15.0% | -16.0% |
| Gold Jewelry | 7.3% | 10.2% | 58.4% | 50.3% |
| Tourism | -5.7% | 2.5% | 2.0% | 2.1% |
China’s Producer Price Index fell 2.2% y/y in November, expanding from October's 2.1% drop, marking the 38th straight month of decline. The figure underperformed the median forecast of -2.0%.
On a monthly basis, PPI rose 0.1%, flat from the previous 0.1% gain, marking the second increase this year, with prices in the coal and gas sectors rising for increased seasonal demand.
