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China’s consumer prices went down for the first time in a decade, after pork prices fell courtesy recovery from the last year’s African swine fever. Economists had forecast a flat year-on-year CPI outcome after a 0.5% rise in October.
As per the National Bureau of Statistics, the consumer price index went down 0.5% last month from a year. This is the first decline since October 2009 – following a 0.5% gain in October. Economists had forecast the PPI to contract 1.8% year-on-year pace in November as compared to a 2.1% decline in October.
Other highlights include
- Factory deflation eased, with producer price index declining 1.5% on year, compared to a 2.1% decrease in October.
- Food prices declined 2% in November compared to 2019, with Pork prices declining 12.5%.
- China’s exports swelled more than 20% last month, while the purchasing managers’ index reached a three-year high.
- Core inflation was unaffected at 0.5%.
- Medical care prices went up 1.5%.
- Education, culture-related activities, and entertainment grew 1%.
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Falling pork prices
Pork prices slumped 12.5% year-on-year as China refilled its pig stocks, which had been reduced by the fatal African swine fever that began in late 2018.
Soaring global crude oil prices drove the producer price index rise in November. It went up 0.5% in November after witnessing any change in the previous month.
Also, the prices of raw material fell 4.2% from a year ago, at its slowest pace since February, after it declined 6.0% in October.
The consumer price index fell 0.6% month-on-month after a 0.3% fall in October.
The year-on-year drop was mostly led by unpredictable food prices, which fell 2% in November from a year ago.
Core inflation, which does not take food and energy costs into account, remained untouched at 0.5%, unchanged from October.
