China’s November inflation grows 1.5 pct

Data from the National Bureau of Statistics (NBS) shows that China’s consumer price index grew 1.5 percent year on year in November, up from a rise of 1.3 percent in October.

NBS said The reading was slightly higher than a 1.4-percent increase for the first 11 months.

The NBS attributed the rise mainly to rising food prices, as vegetable prices surged 9.4 percent year on year last month, while prices for meat and poultry products rose 6.2 percent.

On a monthly basis, consumer prices stayed flat.

SOUNDBITE: SHAO YU Orient Securities

“Vegetable prices rose due to the cold weather. Meanwhile, the prices of the service industry also went up. I think on the one hand it has been affected by seasonal factors, on the other hand, it’s caused by the increasing demand in the service industy. But generally speaking, I believe the CPI growth does not go beyond my expectations.”

Meanwhile, China’s foreign trade dropped 4.5 percent year on year to 2.16 trillion yuan (337 billion U.S. dollars) in November.

Data from the General Administration of Customs (GAC) showed that the level of decline in November significantly contracted when compared with the 9 percent year on year plunge registered in October, helped by increased electrical exports.

Expert said low commodity prices, sluggish external and internal demand were to blame for the trade decline.

Leave a Comment