China’s PPI, Core CPI Decline in November
According to data released by the National Bureau of Statistics (NBS), producer prices in China continued to decline for the fifth consecutive month during November. Producer price index (PPI), a key gauge used to measure corporate profitability, declined 1.4% YoY in November, following a 1.6% decline in the previous month, and against expectations for a 1.5% decline.
On the positive side, however, consumer prices increased at the sharpest pace in nearly eight years during November. The rise in consumer prices was driven by pork prices shooting up as a result of African swine fever. Meanwhile, core CPI excluding food and energy costs has registered a moderate increase.
CPI climbed 4.5% higher YoY in November against 3.8% previous and 4.2% expected. This was the fastest pace of growth in CPI since January 2012. Core CPI, however, came in at +1.4%, lower than the +1.5% reading of October and well below the 3% target set by the government.
On the release of this news, the Chinese yuan hasn’t shown much movement and continues to trade somewhat steady against the US dollar. At the time of writing, USD/CNH is trading at around 7.035.
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