China's consumer prices rose at their slowest pace in almost two years in November, raising the spectre of deflation in a country that until recently was an engine of global growth.

The Consumer Prices Index (CPI) last month rose 2.4% from a year earlier, sliding for the seventh month running. The November CPI growth was almost half October's 4%. Non-food prices rose 0.6%, also below October's 1.6% gain.

Pressure is on the central bank to respond quickly as growth slows much more rapidly than was expected.

Beijing has already revealed that exports were falling for the first time in more than seven years. Imports have shrunk too, hitting resources companies such as BHP Billiton and Rio Tinto used to booming sales in the country.

China announced last month a $586 billion (£395.51 billion) stimulus package aimed at boosting domestic demand.

"With CPI and the Producer Prices Index both falling precipitously, deflationary risks are emerging, especially in view of weak downstream demand," said Jing Ulrich, chairman of China equities with JPMorgan.