10 December 2012 03:34 [Source: ICIS news]
SINGAPORE (ICIS)--China’s consumer price index (CPI) increased to 2.0% year on year in November, rebounding from the 33-month low of 1.7% in October, official data from China National Bureau of Statistics (NBS) showed on Monday.
The food price index increased by 3% year on year in November, which is the main factor behind the rebound in CPI, an analyst from the Renmin University of China said. Food prices increased on the back of rising demand as people start to purchase and store food for the Lunar New Year festival in February next year.
China’s producer price index (PPI) in November declined by 2.2% year on year and 0.1% month on month, the data showed.
PPI is a gauge of wholesale prices, and it is expected to rebound to positive growth in the second or third quarter of 2013, according to the analyst.
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