Hong Kong (CNN Business) Hong Kong and Chinese stocks slipped on Tuesday after official statistics indicated China's consumer inflation rose by the quickest pace in nearly eight years.

Shanghai Composite SHCOMP Hang Seng Index HSI China'sdropped 0.4%. Hong Kong'sdipped 0.1%.

Nikkei 225 N225 Kospi KOSPI Japan'sopened lower, but then reversed losses and traded flat. South Korea'sstarted out in negative territory but was up about 0.2% by midday.

China's consumer price index surged 4.5% in November, the quickest growth rate since January 2012 and faster than market expectations, according to government statistics released on Tuesday morning. It also accelerated from a 3.8% jump in October.

The pickup in inflation was mainly because of a surge in food prices, especially pork. Pork prices soared 110% from a year earlier, as the African swine fever has ravaged the nation's pig herds.

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