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China’s inflation hits 37-month high ahead of upcoming oil price shock
China's consumer price index (CPI) inflation rose to 1.3% year-on-year in February, up from 0.2% in January, higher than consensus forecasts. As expected, the Lunar New Year contributed to a spike in food inflation, which rose to 1.7% YoY, up from -0.7% in January. The usual holiday food categories saw notable month-on-month increases. We saw a 4.0% MoM spike in pork prices, while YoY inflation remained negative at -8.6%. Aquatic products surged 6.9% MoM to hit 6.1% YoY, while fresh fruit prices also rose 4.0% MoM to reach 5.9% YoY. After the Lunar New Year distortions pass, we continue to expect food inflation to ... (full story)
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