Inflation in China rose to 2.3% in November 2021, the highest figure since August 2020 from 1.5% a month earlier. Market consensus was 2.5%. Food prices and a further rise in cost of non-food items both rose. The cost of food increased for the first time in six months.
China inflation November 2021
Consumer price index
- CPI 2.3% y/y, vs expected 2.5% y/y, prior 1.5%
- CPI 0.4% m/m, vs expected 0.4% y/y, prior 0.7%
- Highest since August 2020, boosted by a rebound in food prices and a further rise in cost of non-food.
- Cost of food increased for the first time in six months (1.6% vs -2.4% in October), with a jump in prices of both fresh vegetables and fresh fruit and a slower fall in pork prices.
- Non-food inflation rose up (2.5% vs 2.4% in October), with cost rising further for all components:
- Transportation & communication (7.6% vs 7.0%),
- Fuel & utilities (1.7% vs 1.7%),
- Household goods and services (0.5% vs 1.5%),
- Health (0.6% vs 0.6%), clothing ( 0.5% vs 0.5%),
- Education, culture (3.0% vs 2.9). B
- Beijing has set a 2021 CPI target of around 3%, compared with 3.5% last year.
Source: National Bureau of Statistics
From The Traders Community News Desk