Economic Watch: China’s consumer prices hold steady in November

A customer selects vegetables at a supermarket in Congjiang County of Qiandongnan Miao and Dong Autonomous Prefecture, southwest China’s Guizhou Province, Dec. 9, 2024. China’s consumer price index (CPI), a main gauge of inflation, was up 0.2 percent year on year in November, the National Bureau of Statistics said Monday. (Photo by Luo Jinglai/Xinhua)
BEIJING, Dec. 9 (Xinhua) — China’s consumer prices steadied in November due to stronger consumer confidence, official data showed on Monday.
The consumer price index (CPI), a main gauge of inflation, was up 0.2 percent year on year in November, according to the National Bureau of Statistics (NBS).
The figure was down from the 0.3-percent increase registered in October, largely due to slower food price rises, said NBS chief statistician Dong Lijuan.
The price of pork, a staple meat in China, jumped 13.7 percent from a year earlier in November, down from a 14.2-percent rise in October.
Prices of fresh vegetables rose 10 percent year on year in November, compared with a 21.6-percent increase in October.
The core CPI, which excludes food and energy prices, rose 0.3 percent from a year ago in November, up from 0.2 percent in October.
On a monthly basis, the CPI slipped 0.6 percent in November, following a 0.3-percent decrease in October.
From January to November, the average CPI increased by 0.3 percent compared to the same period last year.
Looking forward, China’s CPI is projected to experience a year-on-year increase as meat demand will be likely to rise and cold winter weather may disrupt vegetable supplies, pushing up food prices, said Wen Bin, chief economist at China Minsheng Bank.
China has implemented a series of heavyweight growth-boosting measures, including massive consumer goods trade-ins, to bolster the economy this year.
A suite of incremental policies will continue to be utilized to improve domestic demand and boost consumer confidence, which will likely also drive up the core CPI, Wen added.
The NBS data also showed the country’s producer price index (PPI), which measures costs for goods at the factory gate, went down 2.5 percent year on year in November, narrowing from the 2.9-percent decline in October.
On a month-on-month basis, the PPI turned to an increase of 0.1 percent last month from a decrease of 0.1 percent in October. ■

Customers select fruits at a supermarket in Shijiazhuang, north China’s Hebei Province, Dec. 9, 2024. China’s consumer price index (CPI), a main gauge of inflation, was up 0.2 percent year on year in November, the National Bureau of Statistics said Monday. (Photo by Jia Minjie/Xinhua)

Customers select vegetables at a supermarket in Binzhou, east China’s Shandong Province, Dec. 9, 2024. China’s consumer price index (CPI), a main gauge of inflation, was up 0.2 percent year on year in November, the National Bureau of Statistics said Monday. (Photo by Chu Baorui/Xinhua)

A customer selects goods at a supermarket in Guiyang City, southwest China’s Guizhou Province, Dec. 9, 2024. China’s consumer price index (CPI), a main gauge of inflation, was up 0.2 percent year on year in November, the National Bureau of Statistics said Monday. (Photo by Long Jianrui/Xinhua)

Customers select food at a supermarket in Boxing County, east China’s Shandong Province, Dec. 9, 2024. China’s consumer price index (CPI), a main gauge of inflation, was up 0.2 percent year on year in November, the National Bureau of Statistics said Monday. (Photo by Chen Bin/Xinhua)

A vendor arranges seefood for sales at a market in Lianyungang, east China’s Jiangsu Province, Dec. 9, 2024. China’s consumer price index (CPI), a main gauge of inflation, was up 0.2 percent year on year in November, the National Bureau of Statistics said Monday. (Photo by Wang Chun/Xinhua)

A customer selects condiments at a supermarket in Wuxi, east China’s Jiangsu Province, Dec. 9, 2024. China’s consumer price index (CPI), a main gauge of inflation, was up 0.2 percent year on year in November, the National Bureau of Statistics said Monday. (Photo by Huan Yueliang/Xinhua)

Customers shop at a seafood stall in Qingdao, east China’s Shandong Province, Dec. 9, 2024. China’s consumer price index (CPI), a main gauge of inflation, was up 0.2 percent year on year in November, the National Bureau of Statistics said Monday. (Photo by Yu Fangping/Xinhua)

Workers pack snacks at a supermarket in Handan City, north China’s Hebei Province, Dec. 9, 2024. China’s consumer price index (CPI), a main gauge of inflation, was up 0.2 percent year on year in November, the National Bureau of Statistics said Monday. (Photo by Hu Gaolei/Xinhua)

A customer selects fruits at a supermarket in Qingzhou, east China’s Shandong Province, Dec. 9, 2024. China’s consumer price index (CPI), a main gauge of inflation, was up 0.2 percent year on year in November, the National Bureau of Statistics said Monday. (Photo by Wang Jilin/Xinhua)

A customer purchases meat at a supermarket in Shijiazhuang, north China’s Hebei Province, Dec. 9, 2024. China’s consumer price index (CPI), a main gauge of inflation, was up 0.2 percent year on year in November, the National Bureau of Statistics said Monday. (Photo by Li Mingfa/Xinhua)

Customers learn about vehicles on sales in Yantai, east China’s Shandong Province, Dec. 7, 2024. China’s consumer price index (CPI), a main gauge of inflation, was up 0.2 percent year on year in November, the National Bureau of Statistics said Monday. (Photo by Tang Ke/Xinhua)