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China’s Factory Gate Inflation Slows in November

Increase in producer price index was slower than a 13.5% gain in October but faster than the 12.4% rise expected in a Reuters poll

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China output
The unexpectedly strong performance of the world's second largest economy in the new year came after China's economy was losing momentum as a liquidity crunch in the property market and strict anti-virus measures hit consumer confidence and spending. Photo: Reuters.

 

China’s factory gate inflation slowed in November, driven by government curbs on commodity prices and an easing power crunch, amid Beijing’s efforts to bolster a faltering economy.

The increase in the producer price index was slower than a 13.5% gain in October but faster than the 12.4% rise expected in a Reuters poll of analysts.

China’s economy, which staged an impressive rebound from last year’s pandemic slump, has lost momentum in recent months as it grapples with surging prices, a slowing manufacturing sector, debt problems in the property market and persistent Covid-19 outbreaks.

The People’s Bank of China on Monday announced a cut to the amount of cash that banks must hold in reserve, its second such move this year, to bolster slowing growth.

Factory-gate inflation has sped up since May this year due to soaring commodity prices, piling pressures on downstream businesses to pass on their costs to consumers.
 


 

Official Interventions

Authorities have rolled out a series of interventions in recent months, including setting an immediate ex-mine price target and ordering rapid production to cool red-hot prices, measures that have proven effective in easing a power shortage expected this winter.

The consumer price index rose 2.3% year-on-year, the National Bureau of Statistics said in a separate statement, slower than expectations for a 2.5% rise but picking up from 1.5% in October.

Consumer inflation remains modest as strict Covid-19 curbs impede consumption and weigh on demand, pointing to a limited pass-through from high factory gate prices.

No cases of the Omicron Covid-19 variant have been reported in China to date, but its emergence could add pressure to the strict zero-tolerance policy on coronavirus cases and increase logistical challenges for exporters, analysts say.

The world’s second-largest economy faces multiple headwinds heading into 2022 including the downturn of its property sector.

China’s top government think tank on Monday recommended authorities set an economic growth target of above 5% for next year and a consumer inflation target of 3%.

 

  • Reuters with additional editing by Jim Pollard

 

 

ALSO SEE:

 

China Factory Output Up in November as Bottlenecks Ease

 

China Factory Prices Surge 13.5%, Highest in 26 Years

 

China Factory Activity Falls Even as Output Prices Surge

 

 

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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