China Inflation Rate Highest Since 2012

China's annual inflation rose to 4.5% in November 2019 from 3.8% in the previous month, above market expectations of 4.2%. It is the highest inflation rate since January 2012. Pork prices, the most popular meat in China, jumped 110% yoy as hogs have been severely reduced due to the African Swine Fever since last year. The government recently said it will use its reserves to provide sufficient meat for China's Lunar New Year holidays in January.
Statistics China | Rida Husna | rida@tradingeconomics.com
12/10/2019 9:12:39 AM
The politically sensitive food inflation rose to 19.1 percent in November, the highest since May 2008, from 15.5 percent in October, boosted by a ninth consecutive month of increase in pork prices (110.2 percent vs 101.3 percent). Also, cost rose further for edible oil (5 percent vs 3.3 percent), fresh vegetables (3.9 percent vs -10.2 percent), and eggs (10.1 percent vs 10.4 percent). Meantime, prices of fruits fell much faster (-6.8 percent vs -0.3 percent).

Non-food price inflation was at 1 percent in November, little-changed from 0.9 percent in October. Prices rose further for rent, fuel & utilities (0.4 percent vs 0.5 percent), healthcare (2 percent vs 2.1 percent), clothing (1.1 percent vs 1.2 percent), household goods & services (0.4 percent vs 0.6 percent), education, culture & recreation (1.7 percent vs 1.9 percent), and other goods and services (4.5 percent vs 5.5 percent). At the same time, transport and communication prices continued to drop (-2.8 percent vs -3.5 percent).  
Annual core inflation, which strips out volatile food and energy prices, edged down to 1.4 percent in November from 1.5 percent in October. 

On a monthly basis, consumer prices increased by 0.4 percent in November, after a 0.9 percet jump in October and compared to market estimates of 0.1 percent.

Meantime, China's producer price index declined by 1.4 percent year-on-year in November, following a 1.6 percent decrease in the previous month and compared to market expectations of a 1.5 percent drop. Cost of means of production continued to decline (-2.5 percent vs -2.6 percent), due to raw materials (-5 percent vs -5.6 percent), processing (-1.6 percent vs -1.5 percent), and extraction (-1.4 percent vs -1.9 percent). Meanwhile, prices went up further for consumer goods (1.6 percent vs 1.4 percent), of which food production (5.4 percent vs 4.4 percent), daily use goods (0.1 percent vs 0.4 percent) and clothing (0.3 percent vs 0.6 percent), but fell faster for durable goods (-2.1 percent vs -1.8 percent). On a monthly basis, producer prices declined by 0.1 percent in November. Considering the first eleven month of the year, producer prices fell 0.3 percent compared with the same period of 2018.

China Inflation Rate Highest Since 2012



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