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China’s CPI growth dips to 4-year low on subdued food prices
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CHINA’S Consumer Price Index expanded 1.6 percent from a year earlier in September, a four-year low and down sharply from the pace of 2 percent a month earlier, according to the National Bureau of Statistics today.
The deceleration was largely due to surprisingly low food prices during the Mid-Autumn Festival and before National Day holiday as the anti-graft campaign could have significantly eased upward pressure on prices.
Zhou Hao, an economist at Australia & New Zealand Banking Group Ltd, said the CPI inflation decelerated faster than expected in recent months.
“China’s soft inflation profile heightens the risk of deflation, thus requiring further monetary policy easing,” Zhou said. “Indeed, the central bank had taken actions before inflation figures were released by lowering the 14-day repo rate. And it may adjust the repo rate more frequently in the future.”
The Producer Price Index, the factory-gate gauge of inflation, fell 1.8 percent last month. It compared with August’s contraction of 1.6 percent, reflecting a destocking process amid sluggish domestic demand.
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