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- China's consumer inflation at 8-year high, but PPI stuck in the red
China's consumer inflation at 8-year high, but PPI stuck in the red
China's consumer inflation climbed to nearly eight-year peaks in November as pork prices doubled, but factory-gate prices remained in the red, adding to uncertainty over whether the manufacturing sector is bottoming out as trade risks persist.
Consumer prices in November rose 4.5% on year, the fastest pace seen since January 2012, driven mostly by a surge in pork prices as African Swine Fever ravaged the country's hog herds, National Bureau of Statistics (NBS) data showed on Tuesday. That topped analysts' expectations of 4.2% and October's 3.8% rise.
However, core inflation - which excludes food and energy prices - stayed largely subdued.
In contrast, the producer price index (PPI), seen as a key indicator of corporate profitability, fell 1.4% on year, falling for the fifth month in a row. That compared with a 1.5% drop forecast and 1.6% fall in October.
Price declines for manufactured goods suggest demand remains weak, despite hints of improvement in recent factory surveys. Weak prices were mainly seen in oil and gas extraction and chemical fiber manufacturing sectors.
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