Chinese factory gate prices fall at slower pace in November, sign economy recovering from COVID-19
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BEIJING - China’s factory gate prices fell at a slower pace in November, adding to signs that the economy continues to recover from the COVID-19 pandemic, but consumer prices declined for the first time in over a decade on falling food prices.
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The producer price index (PPI) fell 1.5% from a year earlier, the National Bureau of Statistics said in a statement on Tuesday. The index was expected to ease 1.8%, according to the median forecast in a Reuters poll, after a 2.1% drop in October.
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The consumer price index (CPI) unexpectedly fell 0.5% in November from a year earlier, the first decline since October 2009, after rising 0.5% in October.
Analysts in a Reuters poll forecast no change in consumer prices, and the 0.5% fall was lower than any individual forecast in the poll.