The National Bureau of Statistics (NBS) announced on Monday that China’s consumer price index (CPI), a key measure of inflation, rose by 0.2 percent year on year in November. This marks a slight decrease from the 0.3 percent growth witnessed in October.
NBS chief statistician Dong Lijuan attributed the slowdown in inflation mainly to slower food price increases. “The main gauge of inflation was down from the 0.3-percent increase registered in October, largely due to slower food price rises,” Dong explained.
Providing further insight, Wen Bin, chief economist at China Minsheng Bank, pointed out that unseasonably warm weather in November boosted agricultural production and improved logistics. “This led to lower prices for fresh produce, pork, fruit, and seafood,” Wen said.
Additionally, non-food prices experienced a decline as colder weather reduced tourism and travel, causing a dip in service prices. “Non-food prices fell as colder weather reduced tourism and travel, causing a dip in service prices,” Wen noted.
Reference(s):
cgtn.com
