China Inflation Up 0.6% On Year In November

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Consumer prices in China were up 0.6 percent on year in November, the National Bureau of Statistics said on Friday, ending the deflationary trend that had stretched over the past nine months.

The result was in line with expectations for between a 0.4 and a 0.6 percent increase following the 0.5 percent annual contraction in October.

An increase in food prices was the main factor in the price increase, the statistics bureau said, while water, power and gasoline price reforms also contributed to the gain.

Also, producer prices were down 2.1 percent on year, the data showed - again matching forecasts following the 5.8 percent annual decline in the previous month. Through the first eleven months producer prices were down 6.0 percent on year.

Industrial production in China surged 19.2 percent on year in November, gaining for the seventh consecutive month. That was slightly better than analyst expectations for an 18.9 percent annual increase after the 16.1 percent gain in October.

The sales ratio of industrial products in November was 97.82 percent, down 0.20 percentage points from October. The total export delivery value of industrial enterprises was 687.1 billion yuan, up by 5.3 percent on year.

Also, the NBS said that retail sales were up 15.8 percent on year, compared to the 16.5 percent gain forecast following the 16.2 percent annual jump in the previous month.

Total retail sales of consumer goods reached 1,133.9 billion yuan, 5.0 percentage points lower than that in November 2008, or 0.4 percentage point lower than that in the previous month of this year. Through the first eleven months of this year, the total retail sales of consumer goods were 11,273.3 billion yuan, an annual growth of 15.3 percent, or down by 6.6 percentage points.

Finally, fixed-asset investment for the period of January to November was up 32.1 percent on year.

Through the first eleven months of this year, the urban investment in fixed assets reached 16,863.4 billion yuan, 5.3 percentage points higher than that in the same period of last year. Of this total, that in the state-owned and state holding enterprises reached 7,353.5 billion yuan, a rise of 37.8 percent; that in the real estate was 3,127.1 billion yuan, up 17.8 percent.

(Market News Provided by RTTNews)