The Strategist

Deflation in China in November amounts to 0.5%, updates 3-year maximum

12/11/2023 - 08:29

In November, China's consumer prices (CPI) fell by 0.5%, the largest annualized rate of decrease since November 2020, according to a data released on Saturday by the State Statistics Office (SSO).

Trading Economics notes that the consensus estimate was for a 0.1% decrease in prices last month. October saw a 0.2 percent decline.

In November, food product prices in the country decreased by 4.2%, the most in over two years, and transportation service costs decreased by 2.4%.

In the meantime, the price of non-food items increased by 0.4%. The cost of housing increased by 0.3%, that of healthcare by 1.3%, and that of education by 1.8%.

Prices increased by 0.6% last month, the same as in October, excluding food and energy.

In November, the CPI index fell 0.5% from the previous month.

Conversely, producer prices (PPI) in China fell by 3% on an annualized basis last month (down 2.6% in October). The decline has been noted for 14 straight months and was at its highest point since August.

November saw a 0.3% decline in the PPI from the previous month.



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