REPEAT: MNI DATA IMPACT:China CPI at 8-Yr Top on Pork Shortage

Repeats Story Initially Transmitted at 03:31 GMT Nov 9/22:31 EST Nov 8

     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

forecast -1.5%.

     - 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%

September-August.

--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com

--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com