China January 2024 inflation data
CPI +0.3%
- expected 0.4%, prior 0.1%
CPI -0.8% y/y
- expected -0.5%, prior -0.3%
-
core inflation (excluding and energy prices,
+0.4% y/y, from +0.6% in December 2023) -
fastest pace of price falls since the GFC
PPI -0.2% m/m, producer prices dip in January for a 16th month
PPI -2.5% y/y
- expected -2.6%, prior -2.7%
—
OK, read this quietly, because we don’t want to scare Chinese stock market bottom-pikers too much.
In December 2023 Chinese loan Prime rates were 3.45% for the one-year and 4.20% for the five-year:
- the y/y inflation rate -0.3%
In January 2024 Chinese loan Prime rates were unchanged, still at 3.45% for the one-year and 4.20% for the five-year:
- and the y/y inflation rate was -0.8%
So, yeah, real rates in China rose in January. Little wonder the stock markets are so shaky.
PBoC Governor Pan Gongsheng
Poor chap, seems way out of his depth.