Tuesday, June 3, 2025
The Lagos Today
  • Login
No Result
View All Result
No Result
View All Result
The Lagos Today
No Result
View All Result
Home World News

Inflation In China Falls Below Two Percent In November

by Eucharia Egwuma
December 9, 2022
in World News
Reading Time: 2 mins read
0
0
Inflation In China Falls Below Two Percent In November
Share on FacebookShare on Twitter

China’s consumer inflation slowed further in November as it fell below two percent for the first time since March, official data showed Friday, providing authorities room to unveil fresh measures to kickstart the stuttering economy.

Last month saw a slew of gloomy figures for the world’s second-largest economy as a hardline zero-Covid policy hammered businesses and supply chains, and dampened consumption.

In a further sign of weakening demand, prices paid at factory gates fell for the second month in a row.

The main gauge of inflation, the consumer price index (CPI), rose 1.6 percent on-year last month, down from 2.1 percent in October, according to the National Bureau of Statistics (NBS).

Food prices in China rose moderately in November by 3.7 percent year-on-year, though pork rose by 34.4 percent. The cost of fresh vegetables decreased by 21.1 percent.

China has been relatively unaffected by a global surge in food prices since Russia’s invasion of Ukraine in February.

But authorities are keeping a close eye on pork, widely consumed in China, to avoid popular discontent.

“In November, due to the domestic epidemic, seasonal factors, and a higher base of comparison in the same period last year, CPI turned from rising to falling month-on-month and fell back year-on-year,” said Dong Lijuan, a statistician at the BNS.

Producer prices contracted 1.3 percent in November, the same as in October, owing to weak demand and the imposition of Covid containment measures.

Despite authorities loosening zero-Covid restrictions, travel between provinces remains complicated and health Covid policies continue to vary from place to place.

The figures should provide the People’s Bank of China some leeway to introduce more stimulus measures for the economy, having already lowered the number of cash lenders must keep in reserve, allowing them to provide more loans.

Friday’s data indicated “economic momentum continued to weaken”, said Zhang Zhiwei, at Pinpoint Asset Management, according to Bloomberg News.

“I expect the government will do more to boost the market and household confidence. The fast pace of reopening indicates the government’s sense of urgency.”

Chinese leaders have set an annual economic growth target of about 5.5 percent, but many observers think the country will struggle to hit it, despite announcing a better-than-expected 3.9 percent expansion in the third quarter.

AFP

Share this:

  • Facebook
  • X

Like this:

Like Loading...
Tags: ChinaInflation
Previous Post

ICT Proficiency Mandatory For Aspiring Permanent Secretaries- Gambari

Next Post

Ndanusa, Gusau Battle Gumel For NOC Presidency

Eucharia Egwuma

Eucharia Egwuma

Related Posts

The Global Innovation Race: Can Africa Afford to Move Slowly?

by Iyanu Ale
March 3, 2025
0

Africa has long lagged behind the rest of the world in economic development, with an economy smaller than India’s and...

Ethiopia’s Digital Stock Exchange Revolutionizes Trading

Ethiopia’s Digital Stock Exchange Revolutionizes Trading

by Iyanu Ale
January 13, 2025
0

The launch of Ethiopia's first stock exchange in 50 years marks a significant milestone in the country's economic development. This...

Next Post
Ndanusa, Gusau Battle Gumel For NOC Presidency

Ndanusa, Gusau Battle Gumel For NOC Presidency

Please login to join discussion

Recommended

Prof. Fola Aboaba Dies Days To His 90th Birthday

Prof. Fola Aboaba Dies Days To His 90th Birthday

2 years ago
Lagos Ranks as Highest Domestic Debtor In 2020 Q3 With N493.32bn

Lagos Ranks as Highest Domestic Debtor In 2020 Q3 With N493.32bn

4 years ago

Popular News

    Connect with us

    Tags

    #EndSARS 2023 Elections 2023 polls 2023 Presidency ACCIDENT Africa All progressives Congress APC Asiwaju Bola Tinubu Babajide Sanwo-Olu CBN Central Bank of NIgeria Central Bank of Nigeria (CBN) Coronavirus pandemic Covid-19 Covid-19 in Lagos Covid-19 in Nigeria Covid-19 Vaccine Cryptocurrency Economic and Financial Crimes Commission EFCC Federal Government Federal Government of Nigeria Fraud Gov. Sanwo-Olu House of Representatives Lagos-Ibadan expressway Lagos state Lagos State Government Lagos State House of Assembly Lagos State Police command Muhammadu Buhari Murder Naira NDLEA Nigeria Nigeria Customs Service Nigerian Economy Nigeria Police Force Rape Strike action TECH UK United Kingdom US

    News

    Opinion

    © 2020 The Lagos Today - Nkali.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result

    © 2020 The Lagos Today - Nkali.

    %d