China's consumer prices in September rose at the fastest pace since April 2020, driven largely by food costs, limiting the scope for more policy easing to prop up a faltering economy hit by COVID-19 restrictions and a property sector slump.
The consumer price index rose 2.8% from a year earlier, quickening from a 2.5% increase in August, National Bureau of Statistics data showed on Friday, in line with forecast in a Reuters poll of analysts.
On a month-on-month basis, the CPI grew 0.3% after a 0.1% fall in August, also supported by a rise in monthly pork price inflation. Analysts had expected producer inflation to pull back largely due to lower oil prices, with factory surveys suggesting companies were passing on some savings to customers in order to boost flagging sales.
As of Oct. 10, 36 cities which make up 13.9% of China's population and 19.7% of GDP, were implementing various levels of lockdowns or some kind of district-based control measures, Nomura said in a research note.
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