China's inflation rate slows to 1.7% in November

Thanks to higher food price deflation as vegetable prices dropped.

China’s consumer price index (CPI) inflation decreased to 1.7% YoY in November from the previous month’s 1.9% driven by higher food price deflation as vegetable prices drop by 9.5%, according to Bank of America Merrill Lynch.

Non-food price inflation, on the other hand, hit 2.5% led by an uptick in household facilities, transportation and miscellaneous good and services inflation.

Producer price index (PPI) similarly eased to 5.8% YoY in November as a result of slower sequential price increases and higher annual comparison base.

In a breakdown, the monthly PPI inflation slowed across the major categories of mining, raw material and manufacturing to 1.7%, 1% and 0.3% respectively.

BofAML forecasts that CPI inflationary pressure will rise steadily towards 3% over the next two years whilst headline PPI inflation is expected to moderate as comparison base becomes higher and weakened investment growth.

Photo from Dungodung - Own work, Public Domain

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