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Consumer inflation in China rose for the second straight month during the period of October, matching what markets had initially anticipated. However, it remained below a government limit and was boosted by a surge in food prices.
China's consumer price index increased 2.1 percent in October from a year earlier, rising at a quicker pace than a 1.9 percent year-over-year gain in September, data released by the National Bureau of Statistics showed Wednesday.
Compared to September, consumer inflation slipped 0.1 percent following a 0.7 percent advance the previous month. Economists forecast no change month-on-month.
A separate gauge of factory-gate prices known as the producer price index (PPI) surged 1.2 percent in the 12 months through October, above forecasts calling for 0.9 percent growth. Producer inflation inched up 0.1 percent the previous month, ending four-and-a-half years of contraction.
Further, the country’s gross domestic product has expanded at an annualized 6.7 percent in each of the last three-quarters, well within Beijing’s target range of 6.5-7 percent.
Meanwhile, the People’s Bank of China is expected to ease monetary policy further at some point but concerns over credit risks have waned policymakers from doing so.
