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MNI BRIEF: China Sep CPI Rises 2.8%; Highest Since April 2020

MNI (Singapore)
MNI (Singapore)

China's September consumer price index rose 2.8% y/y, accelerating from August's 2.5% to hit the highest level since April 2020, data from the National Bureau of Statistics on Friday showed.

Increases in food prices quickened with pork prices rising by 13.6pp to a 36% y/y pace on growing seasonal demand and pig farmers' reluctance to sell due to expectations for higher prices in the future. Core CPI, which excludes food and energy prices, rose 0.6% y/y to hit the lowest since March 2021, slowing from the previous 0.8%. On a monthly basis, CPI rose 0.3%, reversing the prior month's 0.1% fall. The y/y rise of 2.8% was in line with market expectations.

The producer price index eased for the 11th straight month to 0.9% y/y from August's 2.3% following declines in global crude oil prices. The figure was lower than the 1% forecast, and hit the lowest level since January 2021. On a monthly basis, PPI fell 0.1%, narrowing from August's 1.2% decline.


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