China’s consumer inflation rose 0.7% YoY in November, the highest level in nearly two years, while factory-gate deflation deepened. Consumer prices matched market expectations, accelerating from October’s 0.2% gain, though monthly prices slipped 0.1%. Core inflation held steady at 1.2%. Producer prices fell 2.2% YoY, extending deflationary trends into a fourth year amid weaker demand and oversupply in coal and oil extraction. Economists cited persistent pressures from the property downturn, subdued labor markets, and excess industrial capacity. China remains on track to meet annual economic targets, with policymakers signaling focus on domestic demand expansion in 2026.