CHINA'S consumer prices may reach this year's pinnacle in November and then moderate gradually under tougher policies to reduce liquidity and combat speculation, analysts said today.

The Consumer Price Index, the main gauge of inflation, may surge 4.8 percent from a year earlier this month, further accelerating from the jump of 4.4 percent in October, according to a report by the CITIC Securities Co.

The Industrial Securities Co expected the index to climb 4.7 percent year-on-year in November. It can't be higher, like surpassing 5 percent, because the price increase of commodities on the global market has turned tepid recently, it said.

"November's inflation rate may become the apex of this year," said Dong Xian'an, chief macroeconomic analyst at the Industrial Securities. "Coupled with a higher comparative base, policies intensively introduced in the last two weeks to tame inflation are taking effect."

China has tightened both monetary and administrative policies to cool sizzling consumer prices.

In the past two months, China twice lifted the reserve requirement ratio to demand banks to put aside a record 18.5 percent of deposits as reserves. China also raised the interest rate last month, one day after the release of inflation rate.

The National Development and Reform Commission, China's top economic planning agency, posted statements for four consecutive days last week to underscore its stern attitude towards capping inflation.

China has released stockpiles of pork and sugar, demanded harsher punishment for speculation of agricultural products, and boosted supplies of coal, power and oil to tame inflation.