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BEIJING (MNI) - China's inflation in October exceeded 3%, the
government-imposed ceiling for the whole year, and the highest since January
2012. At 3.8% y/y, it beat 3.4% expected by most economists. Meanwhile, producer
prices continued to grind to the lowest level since July 2016.
Here are key takeaway from data released by the National Bureau of
Statistics on Saturday:
- CPI's surge was again due to higher pork prices, which more than doubled,
faster than September's 69.3% gain. Pork, the most consumed meat in China,
accounted for 2.43 percentage points, or two-third CPI gain.
- Rising pork prices continued to fuel costs of beef, mutton, chicken, duck
and eggs. The pork alternatives rose between 12.3% to 21.4% y/y, further lifting
CPI by 0.41 percentage point.
--CPI gained 0.9% monthly, flat from the previous month.
- PPI fell further to -1.6% y/y from -1.2% in September. It was worse than
- Oil and gas extraction, fuel processing, chemical manufacturing, and
ferrous metal processing extended declines from last month, dropping 17.9%,
12.0%, 6.2% and 6.1% y/y respectively.
- PPI still rose 0.1% October-September, compared with -0.1%
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