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     BEIJING (MNI) - Here are five takeaways from China's November inflation
data released by the National Bureau of Statistics on Sunday:
     - Consumer price index (CPI) was 2.2% y/y last month, decelerating from
2.5% in October and was the smallest gain since August. An MNI survey had
projected 2.4%. Inflation in Jan-Nov rose 2.1% from a year ago, well below the
government's 3% ceiling. 
     - On a monthly basis, inflation cooled 0.3%, compared with 0.2% m/m gain in
October. Food prices dropped 1.2% m/m, extending the 0.3% decline in October.
Prices of non-food items fell 0.1% m/m, reversing the 0.3% gain in October.
     - Producers price index (PPI) gained 2.7% in November over a year ago,
meeting the projection of the MNI survey. It contracted 0.2% m/m, compared with
0.4% monthly gain in October. 
     - Ex-factory prices in three major industries: oil and gas exploration,
oil, coal and other fuel processing, and chemical products manufacturing fell
7.5%, 3.3% and 0.7% from October, dragging down the PPI by 0.3 percentage point
m/m.
     - Procurement price stayed flat from October. Fuel and power costs fell
0.1% while chemical raw material prices declined 0.9%.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
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