Inflation in China’s factories slowed slightly in November from a 26-year high, reflecting the government’s crackdown on rising commodity prices and an easing of the energy crisis.
The report from the NBS shows that the consumer price index (CPI) rose 2.3% in November from a year earlier and 0.4% from the previous month. This was higher than the 1.5% increase in October.
The government’s latest measures to curb skyrocketing energy and commodity prices are now taking effect. These include setting the initial target price for mining and ramping up production to bring down the high prices.
Inflation in the industry remains high. Year on year, the producer price index (PPI) rose by 12.9%, although this was lower than the 13.5% increase in October.
However, consumer inflation remained an issue. Vegetable prices rose by 30.6% and pork prices by 32.7%, accelerating consumer price inflation.
The country’s top policymakers continued to focus on stabilizing macroeconomic conditions in 2022.