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Pork Prices Drag On CPI

MNI (Singapore)

China's 0.2% y/y fall in October CPI was mainly linked to declining pork prices, while high-frequency data showed the economy remained generally stable, according to He Xiaoshu, analyst at GF Securities. Auto sales continued to rise and subway passenger flows reflected active residential activity, He added. Pork prices fell 2% m/m, or 30.1% y/y in October amid sufficient supply and weak demand after the October holiday. Q4 pork prices may rebound seasonally but will not rise sharply given steady growth in hog production, said Chen Guanghua, an official from Ministry of Agriculture and Rural Affairs.

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