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China"s consumer price index rose 0.6 percent year on year in November. This brings an end to nine consecutive months" of decline. Experts say the figure is in line with market expectations. And as prices are still running at a comparatively low level; China is not facing an inflation problem.
Ying Ying brings more.
The National Bureau of Statistics announced on Friday that November"s 0.6 percent CPI rise is the first monthly growth since January.
Zhang Lei, an economist with Chinese Academy of Social Sciences, says the credit boom is the main reason for the CPI growth.
"The main reason for the CPI growth is the government"s moderately loose monetary policy this year. Till now more than nine trillion yuan or 1.3 trillion-U.S.-dollar loans have been granted, surpassing the combination of those in year 2007 and 2008. This would have big impact on CPI growth."
Hao Daming, an analyst with Galaxy Securities, figures out two of the driving forces for the CPI growth.
"Food prices, such as those of vegetables have seen an evident rise in November due to unseasonably cold weather in north China and some areas in the south. Oil prices also saw an increase. In addition, the small CPI growth rate in the same period last year helped November"s CPI to turn positive."
Food prices, which account for about a third of the CPI, went up by 3.2 percent year on year in November.
Hao Daming adds that as prices are still running at a comparatively low level; China is not facing an inflation problem.
Hao predicts that the CPI growth for next year would be around 2 percent. He says the Chinese economy would endure a CPI growth of three to five percent next year.
At the same time, the producer price index declined 2.1 percent in November from a year earlier. The rate of decline was 3.7 percentage points lower than that in October.
Zhang Lei, the economist with Chinese Academy of Social Sciences, says PPI would see a growth as the CPI keeps rising.
"In a demand-led market economy, CPI growth would turn positive before PPI. If CPI continues to rise, PPI would soon see a positive growth."
Hao Daming predicts that the PPI would see growth next month.
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