Chinese factory output up 10.1 % in November; inflation rises to 2%
10 Dec 2012
China, the world's second largest economy, is showing signs of recovery as the factory output and retail sales rose in November, according to data released by the National Bureau of Statistics (NBS) Sunday.
Simultaneously, the nation's consumer price index (CPI), a measure of inflation, rose to 2 per cent year-on-year on the back of higher food prices, from a 33-month low of 1.7 per cent in October.
Industrial output in November reached an eight-month high of 10.1 per cent year-on-year compared with an October increase of 9.6 per cent. The growth was above analysts' expectations of 9.8 per cent.
Retail sales have also increased 14.9 per cent to around $300 billion (1.85 trillion yuan) in November compared to a year ago and higher than the October figure of 14.5 per cent. Since January, retail sales have increased 14.2 per cent to nearly $3 trillion.
The inflation was higher due to rise in food prices, which weigh nearly one-third in the CPI estimation. The CPI for food items rose 3 per cent in November.
"The November growth rate was largely attributable to a surge in food costs," Xinhua reported quoting Wang Jun, an expert with the China Center for International Economic Exchanges.
