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MNI BRIEF: China's Feb CPI Rises 1% As Demand Eases; PPI Falls

MNI (Singapore)
(MNI) Beijing

China's Consumer Price Index rose 1.0% y/y in February, missing market expectations of a 1.9% y/y rise and lower than January's 2.1% y/y increase , data from the National Bureau of Statistics released on Thursday showed.

Food costs rose 2.6% compared with year ago, sharply down from January's 6.2% y/y growth due to easing demand and sufficient market supply. Pork prices, the main CPI driver, rose 3.9% y/y, lower than the prior month's 11.8% y/y rise, and contributed 0.05 percentage points to CPI. Fuel costs were up 0.6%y/y compared with 3.0% y/y last month, while service prices rose 0.6% y/y, down from the 1.0% y/y increase registered in January due to lower prices for air tickets and tourism, the NBS said.

Core CPI, which excludes food and energy prices, rose 0.6% y/y in February, down 0.4 pps from last month. On a monthly basis, CPI fell 0.5% m/m compared with last month's 0.8% m/m growth, as prices for fresh food fell along with the increasing supply amid warmer weather.

The producer price index fell further form last month's 0.8% y/y drop to a decline of 1.4% y/y due to the high base effect, according to the NBS. The reading missed the market consensus of a 1.3% y/y drop. On a monthly basis, PPI was unchanged due the quickened recovery among factories and improving market demand.

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