China's consumer price index (CPI) saw a modest increase of 0.2 percent year-on-year in November, according to the National Bureau of Statistics (NBS) released on Monday.
This marks a slowdown from the 0.3-percent rise recorded in October. NBS chief statistician Dong Lijuan highlighted that the deceleration was primarily due to a reduction in food price hikes.
Wen Bin, chief economist at China Minsheng Bank, explained that the unseasonably warm weather in November played a significant role in this trend. The favorable temperatures boosted agricultural production and streamlined logistics, leading to lower prices for fresh produce, pork, fruit, and seafood.
Additionally, non-food prices experienced a decline as the colder weather dampened tourism and travel activities, resulting in decreased service prices. This combination of factors contributed to the narrower decline in the producer price index (PPI) for the month.
Reference(s):
cgtn.com
