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Daisy Wu

Consumer price growth in China missed expectations in November, hitting a five-month low, reflecting persistent economic weakness despite recent monetary policy easing.
The consumer price index (CPI), a key measure of inflation, rose by 0.2 per cent year on year last month, slowing from a 0.3 per cent increase in October, the National Bureau of Statistics (NBS) said on Monday.
This figure fell short of the 0.4 per cent growth forecast in a Bloomberg survey of economists.
The slight increase in November was driven largely by food costs, which surged by 1 per cent year on year, with vegetable and pork prices rising by 10 per cent and 13.7 per cent, respectively.
However, prices in other sectors declined, including a 3.1 per cent drop in home appliance prices, a 0.3 per cent decrease in housing rents and a 4.8 per cent reduction in vehicle prices.
NBS chief statistician Dong Lijuan attributed the changes to high temperatures and declining travel demand.


China’s CPI growth has remained around zero since March last year, raising market concerns about deflationary pressure and sluggish demand.
“CPI inflation surprised on the downside. The deflationary pressure in the economy is persistent,” said Zhang Zhiwei, president and chief economist at Pinpoint Asset Management.
“Economic activities stabilised recently, but the recovery is not strong enough to boost inflation yet. It requires a much stronger fiscal push to get China out of the deflationary environment.”
On a month-on-month basis, China’s CPI in November fell by 0.6 per cent following a fall of 0.3 per cent in October.
Meanwhile, the producer price index (PPI), which measures factory-gate costs, dropped by 2.5 per cent last month, marking the 26th consecutive month of declines, compared with a fall of 2.9 per cent in October.


The reading beat the 2.8 per cent decrease forecast by economists polled by Bloomberg.
Dong attributed the slower PPI decline to a series of existing policies and incremental policies working together, as well as a recovery in domestic demand for industrial products.
Elsewhere, China’s core inflation, which excludes volatile food and energy prices, increased by 0.3 per cent year on year in November, following an increase of 0.2 per cent in October.
At a financial forum in Beijing last week, China’s central bank governor Pan Gongsheng reaffirmed a “supportive” monetary policy stance, emphasising the importance of countercyclical regulation next year.
Pan also mentioned plans to optimise structural monetary policy tools to support the real estate sector, capital markets and broader economic growth, while prioritising technological innovation, green finance and consumer finance.


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Consumer prices in China grew by 0.2 per cent in November, while the cost of goods at the factory gate fell for the 26th month in a row


Consumer prices in China grew by 0.2 per cent in November, while the cost of goods at the factory gate fell for the 26th month in a row.


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