China: CPI Lower than Expected, PPI Contraction Continues

November 9th, 2012
in econ_news, syndication

Econintersect:  The Chinese CPI (Consumer Price Index) rose 1.7% in October year-over-year, according to an announcement from the National breaking-news-130pxBureau of Statistics in Beijing. The median estimate of analysts surveyed by Bloomberg News which had been for a repeat of the 1.9 % gain for September.  Producer prices (PPI) declined 2.8% from a year earlier after a 3.6% drop in September.  The consumer price increases were driven entirely by urban goods (+1.8%).  Rural prices actually delined (-1.5%).

Follow up:

The following graph from Bloomberg shows that October produced the first increase in year-over-year rate of decline in the past year.  Not shown on the graph is the 7.5% peak in PPI growth in July 2011.

china-cpi-2012-oct-bloomberg

The last time PPI grew year-over-year was January 2012 (0.7%).  The most recent peak in PPI was 7.5% in July 2011.

The following graph shows the one year history for CPI, which has declined from a high in July 2011 of 6.5% year-over-year growth.

china-cpi-2012-oct-bloomberg1

 

John Lounsbury

Sources:















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