China reported mild consumer inflation growth in October while producer prices posted a strong increase, beating market forecasts.
The consumer price index (CPI) rose 1.9 percent year-on-year in October, up from September's 1.6 percent, the National Bureau of Statistics (NBS) said in a statement.
This was the biggest increase in nine months, but was still considered moderate compared to the government goal of around 3 percent for the whole year.
The number perfectly met market expectations, and was mainly a result of rising non-food prices, China Merchants Securities said in a research note. Non-food prices climbed 2.4 percent year-on-year, with health care prices jumping 7.2 percent from a year earlier. Home rental, education, culture and entertainment also saw rises of more than 2 percent. Food prices, which account for a significant part of the CPI calculation, dropped 0.4 percent from a year earlier, dragging down the CPI number by 0.08 percentage points, according to NBS statistician Sheng Guoqing. China Business News
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