Inflation in China rose by 4.5 percent on an annual basis in November, which is the highest level in seven years. Inflation was mainly driven by the sharp rise in pork prices caused by the outbreak of African swine fever in the country.

Inflation was 3.8 percent in October and economists had generally expected an increase to 4.3 percent for October. Core inflation, without the sharply fluctuating prices of food and energy, was stable at 1.4 percent.

Chinese producer prices fell by 1.4 percent on an annual basis last month, after falling by 1.6 percent in October.