Data released by China’s National Bureau of Statistics early Monday, November 9, showed that the annual consumer price index (CPI), a key measure of inflation, rose 0.7% year-on-year in October, compared to 0.9% growth in September. This fell short of market expectations, which had anticipated a 0.8% increase. However, wholesale prices exceeded expectations, registering their fastest growth in four years.

Meanwhile, the core CPI, which excludes volatile food and energy prices, slowed to 0.8% after rising 1% in September.

Separately, China’s producer price index (PPI) rose 5.7% year-on-year in October, compared to a 5% increase in September. This surpassed expectations of a 5.3% rise and reached its highest level since June 2022.