China's factory-gate prices showed an annual fall for a second month in November while consumer inflation slowed, indicating weak economic activity and soft demand.
The producer price index was down 1.3% on a year earlier, unchanged from an annual contraction seen in October, according to National Bureau of Statistics data issued on Friday. That was slower than a 1.4% fall tipped in a Reuters poll.
The November consumer price index climbed 1.6% from a year earlier, slowing from the 2.1% annual rise seen in October and in line with a Reuters poll.The producer price deflation and milder consumer price inflation of November accompanied record COVID-19 infections and related curbs that disrupted production and curbed mobility.
Growth in the world's second-largest economy has been sagging this year, largely impacted by the uncompromising COVID-19 curbs as global demand also wavered. Last month, COVID case counts rose to historic highs, prompting widespread lockdowns and mobility restrictions. Exports and imports for November shrank the most in two and a half years, missing forecasts, with economists predicting further exports decline as world trade retreats sharply following central banks' aggressive moves to tame inflation.
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