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China Inflation September 2019

China: Inflation edges higher in September on surging pork prices

Consumer prices rose 0.9% in September, following August’s 0.7% increase. The print mostly reflected higher prices for food, particularly owing to a continued surge in pork prices following the outbreak of African swine fever in August 2018 which has reduced the country’s pork herd by approximately 40% according to official figures. Pork prices have jumped around 120% since the outbreak was detected.

Inflation edged up slightly to 3.0% in September, from August’s 2.8%. The print was marginally above market analysts’ expectations of 2.9%. Annual average inflation inched up from 2.3% in August to 2.4% in September.

Annual producer prices (PPI), meanwhile, fell 1.2% year-on-year, as had been expected by market analysts, following August’s 0.8% decline.

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