MNI China Daily Summary: Friday, December 13

MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

CHINA YTD NEW LOANS CNY17.1 TRLN VS MEDIAN CNY17.5 TRLN: PBOC

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI: EUROZONE OCT IP +0% M/M, -1.2% Y/Y

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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UBS Expects Grocery Prices To Rise Further

AUSTRALIA DATA

The UBS grocery food price index rose 9.1% y/y in November unchanged from October and up from 8.4% in September. Analysts don’t think that grocery prices fully reflect cost increases from supply chain issues yet and that there could be further increases in 2023. Fresh food inflation moderated to 9.1% from 10.2% the previous month but dry grocery rose to 9.1% from 8.5%.

  • UBS reports that cost pressures remain and are maybe even still rising for dry grocery suppliers, which are expected to be passed on in early 2023. It doesn’t believe that dry grocery inflation has peaked yet. UBS analyst Cousins noted that “The cost pressures that suppliers are facing are not fully reflected in current supermarket shelf prices.”
    - The Australian
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