NEW YORK (CNNMoney) -- Inflation in China is losing some of its momentum, triggering a shift to worries focused more so on the country's slowing economic growth.

Prices were up 4.2% from a year ago in November, according to the Consumer Price Index released by China's National Bureau of Statistics early Friday.

Compared to 3.5% inflation in the United States, that may seem fast, but for Chinese consumers -- it marks a welcome slowdown, since prices were up as high as 6.5% in the 12 months ending in July. In fact, November's inflation rate is the lowest since September last year.

Food makes up roughly a third of the government's official CPI figure, but in reality, it accounts for much more of a typical Chinese family's spending. But while lower inflation is offering some relief to their wallets, it does not come without its own dark cloud.

In the Chinese government's fight against rapid inflation, officials had tightened credit in the country's financial system, and tried to take some of the steam out of a domestic housing boom.

Those efforts now appear to be contributing to economic growth that's slowing more quickly than hoped, at a time when the country is also being hit by weakening demand from Europe and the United States.