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MNI BRIEF: China CPI Dips 0.2% In October, Below Expectations

MNI (Singapore)
MNI (Beijing)

China's Consumer Price Index fell by 0.2% in October to mark a three-month low, while the Producer Price Index -- a measure of factory-gate inflation -- dropped further, data from the National Bureau of Statistics showed Thursday.

The decline in October CPI has exceeded a market consensus of -0.1%, which compared to a flat reading in September. Food costs fell by 4% in October, further declining from September's 3.2% fall, led by the significant drop in pork prices. This dragged down the overall CPI by 0.75 pp. On a monthly basis, CPI fell 0.1%, compared to September's 0.2% gain.

The PPI declined by 2.6% y/y, weighed by a higher comparison base on the same period last year, expanding from September's 2.5% drop, though outperforming the consensus of a 2.7% decline. PPI was unchanged on a monthly basis, compared with September's 0.4% gain.

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