<div id="readability-page-1"><div>BEIJING – China’s consumer price growth accelerated to the fastest in over a year even as deflationary pressures remained widespread in the world’s second–biggest economy.The consumer-price index climbed to 0.7 per cent in November from a year earlier, after a 0.2 per cent rise in October, according to data released by the National Bureau of Statistics on Dec 10. That matched the median forecast of economists surveyed by Bloomberg. Factory deflation unexpectedly worsened as it extended into a 38th month, with producer prices falling 2.2 per cent. China’s core CPI, which excludes volatile items such as food and energy, was unchanged at 1.2 per cent.“The larger-than-expected contraction of PPI suggests China’s deflation does not abate,” said Raymond Yeung, chief economist for Greater China at Australia &amp; New Zealand Banking Group. “This should be the policy priority for 2026.”China has been struggling with deflation since the end of the pandemic as a consequence of a prolonged slump in housing and weak consumer demand. A glut of production capacity in some industries has also led to oversupply, pushing firms to cut prices to survive. The headline reading may not reflect the full extent of deflationary pressure in the consumer economy, especially as bullion prices soar.Gold jewelry prices surged 58.4 per cent from a year ago, according to a separate statement by NBS statistician Dong Lijuan. That’s a faster than the 50.3 per cent increase in October, and likely led to a bigger boost to overall consumer prices.The country’s gross domestic product deflator – the broadest measure of prices – has been in decline for over two years, the longest streak since the quarterly data began in 1993. While the Chinese government has pledged to tackle the “disorderly” price competition, progress has been limited because of concerns over the risk of job losses and weaker economic growth. Although China’s economy is on track to achieve its growth goal of about 5 per cent this year, nominal GDP has been expanding at a slower rate because of falling prices. BLOOMBERG</div></div>

中国的消费者价格指数在 11 月份上升至 0.7%，是超过一年来的最快增幅，尽管面临广泛的通缩压力。工厂通缩加剧，生产者价格下降了 2.2%。核心 CPI 保持在 1.2% 不变。黄金珠宝价格飙升 58.4%。GDP 平减指数已连续下降超过两年。尽管实现了 5% 的增长目标，但由于价格下跌，名义 GDP 增长速度较慢

China consumer prices pick up but factory deflation gets worse

- 中国 11 月消费者价格指数同比增长 0.7%，创一年以来最快增速。  
- 制造业生产者价格连续第 38 个月下滑，降幅达 2.2%。  
- 经济增长目标约 5%，但名义 GDP 增长因价格下跌而放缓。  

中国消费者价格有所上涨，但工厂的通货紧缩情况却在恶化