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Free AccessCPI Headline Weakest Y/Y Pace Since 2009, PPI Steady But Still In Negative Territory
Jan inflation was noticeably weaker than expected from a headline CPI standpoint. We came in at -0.8% y/y, versus -0.5% forecast and -0.3% prior. The PPI was close to expected at -2.5% y/y, versus -2.6% forecast and -2.7% prior.
- On CPI, the y/y headline drop was the weakest pace since 2009. The +2.1%y/y rise in Jan last year is obviously a headwind from a base effect standpoint. In m/m terms, prices were +0.3%, versus a 0.1% gain in Dec.
- Still core inflation eased to 0.4% y/y after 3 straight months of 0.6% outcomes. Consumer goods fell -1.7% y/y, services inflation to 0.5%y/y from 1.0% in Dec.
- By product we saw big drags from food -3.6% y/y (prior -2.0%) and -2.4%y/y from transport. Positives were clothing, +1.36% y/y and household items, at least relative to Dec outcomes.
- The core trend is consistent with a lower yield backdrop, see the chart below.
Fig 1: China Core CPI Y/Y Versus 10yr CGB Yield
Source: MNI - Market News/Bloomberg
- On the PPI side, the trend has only improved modestly in the past 6 months and we remain wedged in negative y/y territory. In terms of the detail, Mining and raw materials PPI showed some sequential y/y improvement but there were similar trends elsewhere.
- Manufacturing PPI came in at -3.1% y/y (versus -3.2% prior), while consumer durables were -2.3% y/y (versus -2.2% prior).
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