China’s Consumer Price Index (CPI) rose a tepid 1.5 percent in November from the same period a year ago, data released today showed. The number was slightly above a Reuters poll forecast of a 1.4 percent rise.
China’s Producer Price Index (PPI) dropped 5.9 percent in November on-year, in line with a Reuters poll of economists, the data from the National Bureau of Statistics showed.
CPI was flat on the previous month, while economists had predicted a 0.1 percent fall, while PPI was down 0.5 percent on October.
The November rise in consumer prices was driven by an uptick in the cost of food. Food CPI was up 2.3 percent on-year, while non-food items rose 1.1 percent.
But China’s producer prices fell as the manufacturing sector continued to stagnate, forcing companies to drop their wholesale prices in order to compete to stay in business.
via CNBC
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.