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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
ASIA
Most of non-Japan Asia has published February CPI data and generally there was an easing in price pressures. As a result the regional aggregate moderated to 3.1% y/y from 3.8% in January and the core to 1.5% from 1.9%. Excluding China there was still an easing in inflation to 5.6% (-0.1pp) and 4% (-0.2pp) respectively.
- China’s CPI eased to 1.0% y/y from 2.1% the previous month while core was down to +0.6% y/y from 1% despite several months since reopening. See this link for more details.
- Korea saw a moderation in headline CPI to 4.8% from 5.2%, the lowest since April 2022, and to 4.8% from 5% in core, but this was driven by agriculture and oils. Private services and non-industrial goods rose strongly.
- Headline inflation in Indonesia rose in February to 5.5% y/y from 5.3% driven by higher food prices, which should moderate after Ramadan. Core eased to 3.1% from 3.3%, which is BI’s preferred measure, due to a broad based easing in price pressures.
- Thai inflation fell significantly to 3.8% y/y from 5% driven by food prices and core components. Core eased to 1.9% from 3%. Disinflation is broad based which could make BoT’s tightening even more gradual.
- While headline inflation in the Philippines moderated 0.1pp to 8.6%, core rose 0.4pp to 7.8%, the highest since end-2000. BSP will need to continue tightening given the broad based price pressures and robust demand.
- India’s February CPI is released March 13, Singapore March 23 and Malaysia March 24. Inflation for these countries was kept constant in the regional aggregates.
Non-Japan Asia ex China CPI y/y%
Source: MNI - Market News/Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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