China Reports Drop of Inflation in November for the First Time Since 2009 Due to Decrease in Prices of Pork

China’s consumer price index fell in November for the first time in about a decade as food prices dropped.

The consumer price index, a measure of inflation that tracks prices for a basket of consumer goods and services, fell 0.5% in November from a year ago, China’s National Bureau of Statistics said Wednesday, CNBC reports.

The decline marked the first drop since October 2009, according to the Wind Information database.

Food prices fell 2% as pork prices declined 12.5% in November from a year ago.

The drop in prices for the Chinese meat staple follows a surge in the last year due to a shortage of pork as a result of an African swine fever outbreak.

Economists did not expect major changes in monetary policy from the People’s Bank of China as a result of the drop in CPI.

The so-called core CPI — which excludes food and energy prices — rose 0.5% in November from a year ago.

Medical care prices rose 1.5%, while that of education, culture-related activities and entertainment rose 1%, according to the statistics bureau.

National Bank of China

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drop of inflation

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drop in prices of food