China November consumer price index up 3% on year

China's consumer price index (CPI) rose a less-than-expected 3 percent in November from a year earlier, compared with a 3.2 percent rise in October, data released on Monday showed.

Analysts polled by Reuters had forecast the November CPI at 3.2 percent.

The November CPI fell 0.1 percent measured on a month-on-month basis, compared with analysts' expectations in a Reuters poll for a flat reading.

(Read more: Chinese exports beat forecasts for November)

"It's basically the same as market exceptions. I don't think the inflation figures will have any impact on the market today," said Chi Lo, senior strategist, Greater China at BNP Paribas Investment Partners.

"But then when you look at releases in recent weeks, the economic data has been quite positive and even the external data from the U.S., Europe and Japan have been positive too, so that will build some short term momentum in the China A-share market," he added.

Data on Sunday, for instance, showed Chinese exports rose 12.7 percent in November from a year earlier, well above market expectations for a rise of 7.1 percent.

(Read more: Many Americans see China as dominant economic power)

Other data released on Monday showed China's producer price index fell 1.4 percent in November from a year earlier, compared with a fall of 1.5 percent in October.

Analysts say easing food price inflation contributed to slowing China inflation in November.

"We expect broad-based inflationary pressures to remain modest amid a negative output gap," analysts at HSBC said in a note. "As a result, the status quo of monetary policy should stay in place over the coming quarters."

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