October CPI Exceeds Expectations with 1.9% YoY Increase

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The latest data from China’s National Bureau of Statistics indicates that consumer price inflation edged ahead of consensus expectations in October.

According to NBS data China’s nationwide CPI saw a year-on-year increase of 1.9% in October, with cities seeing a rise of 1.9% and rural villages posting an increase of 1.7%.

Food prices edged lower 0.4%, while non-food prices rose by 2.4%, consumer goods prices increased 1.1%, and service prices rose by 3.2%.

For the period from January to October 2017, China’s average year-on-year CPI growth has been 1.5%.

CPI saw an on-month increase of 0.1% in October, with cities seeing a rise of 0.1% and rural villages an increase of 0.2%.

Food prices held steady in on-month terms, while non-food prices rose by 0.1%, consumer goods prices rose by 0.2% and service prices edged lower 0.1%.

Food, tobacco and alcohol prices saw a year-on-year increase of 0.3% in October, making a contribution of around 0.09 percentage points to the CPI rise compared to the same period last year.

In terms of NBS’s seven other main price categories, medical treatment, accommodation, education and entertainment prices saw year-on-year gains of 7.2%, 2.8% and 2.3%, while apparel and transportation and communications prices increased by 1.2% and 0.8% respectively.

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