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MNI BRIEF: China CPI Flat In September, Lower Than Expected

MNI (Singapore)
Beijing (MNI)

China's Consumer Price Index was flat in September, while the Producer Price Index measuring factory-gate inflation saw annual declines slow for a third month, data from the National Bureau of Statistics showed Friday.

CPI was 0.0% in September, compared with a 0.2% market consensus and down from August's 0.1% print. Food costs fell by 3.2% in September, further declining from August's 1.7% fall, due to the higher comparison base for the same period last year. This dragged down the overall CPI by 0.6 pp. On a monthly basis, CPI rose 0.2% m/m compared to August's 0.3% gain.

The PPI declined 2.5% y/y, narrowing from August's 3.0% drop, though underperforming the consensus of a 2.4% decline, according to the NBS. The drop was the smallest in seven months, mainly attributed to recovered demand for industrial products and continuously rising international crude oil prices. PPI rose 0.4% m/m, compared with August's 0.2% gain.

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