The National Bureau of Statistics said China’s October CPI was flat MoM, versus
+0.2% in September. Industrial consumer goods rose 0.3% MoM, adding ~0.10ppt to
headline MoM CPI. Within that group, domestic gasoline rose 4.2% MoM on
international price shifts, contributing ~0.14ppt; the gasoline gain eased
0.7ppt from the prior month. Gold jewelry fell 5.9% MoM, subtracting ~0.03ppt.
Services swung from -0.2% to +0.1% MoM, adding ~0.04ppt, driven by National Day
travel (hotels +6.5%, airfares +3.3%, tour fees +2.4%), jointly adding ~0.04ppt.
Food prices moved from +0.4% to -1.0% MoM, subtracting ~0.17ppt from headline
MoM CPI.
