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MNI BRIEF: China CPI Drops Fastest In Three Years At -0.5% Y/Y

MNI (Singapore)
MNI (Beijing)

China's Consumer Price Index fell by 0.5% y/y in November to mark the steepest decline since November 2020, while the Producer Price Index -- a measure of factory-gate inflation -- dropped further to a three-month low, data from the National Bureau of Statistics showed Saturday.

The decline in November CPI exceeded the market consensus of -0.2%, compared to the 0.2% decrease in October. Falling energy prices, which dropped by 1.3% from a 1.2% increase in the previous month, were the main driver. Core CPI, excluding food and energy prices, maintained a modest rise of 0.6%, the same pace from October. On a monthly basis, CPI fell 0.5%, compared to October's 0.1% decline.

The PPI declined by 3.0% y/y, weighed down by the fall in international oil prices and weak demand for industrial products, expanding from October's 2.6% drop and underperforming the consensus of a 2.8% decline. PPI fell 0.3% on a monthly basis, compared with October's 0.0%.

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