MNI BRIEF: China Oct CPI Slows For 2nd Month To 0.3% Y/Y
China's Consumer Price Index rose 0.3% y/y in October, slowing from September's 0.4% and underperforming expectations by 10 basis points, however, core CPI rebounded slightly to 0.2%, data from the National Bureau of Statistics showed Saturday.
Food prices rose 2.9% y/y, decelerating 0.4 percentage points from September as weather conditions improved. Non-food prices fell 0.3% y/y, expanding from the previous 0.2% decline, led by a 10.7% fall in gasoline prices. On a monthly basis, CPI fell 0.3%, slowing from September's 0.0%.
PPI declined 2.9% y/y, expanding from last month’s 2.8% fall to hit near one-year low and marking the 25th consecutive negative read, missing the market consensus of a 2.5% fall. PPI fell 0.1% m/m, narrowing from September's 0.6% drop, as domestic demand for some industrial products recovered amid the introduction of additional pro-growth policies.