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November inflation forecast at 3.1%

Updated: 2013-12-04 20:11
( Xinhua)

BEIJING - China's consumer price index (CPI) is likely to grow 3.1 percent in November from a year earlier, slightly down from the 3.2 percent in October, various institutions predicted.

November's official CPI, a main gauge of inflation, is due to be released by the National Bureau of Statistics (NBS) on December 9.

Stable food prices in November may lead to CPI growth to 3.1 percent, as food prices account for nearly one third of the amounts used to calculate it, according to the Bank of Communications.

UBS Securities made a similar forecast, adding that the price drops in eggs, aquatic products and pork in November may contribute.

Institutions forecast that CPI growth would stay above 3 percent in the fourth quarter and the country would face upward price pressure in 2014.

China's CPI grew to 3.2 percent year on year in October. The figure remains well below the government's full-year target of 3.5 percent.