China: Inflation loses traction in October – UOB – by pabspiovano China Inflation CPI Banks
Key Takeaways
“Inflation had averaged 2.0% y/y in Jan-Oct with full-year 2022 inflation likely well-below our forecast of 2.2% . We keep our 2023 inflation forecast at 2.8% given expectation that China will ease its zero-COVID policy and start to reopen its borders.” “We continue to see full-year PPI averaging 4.0-4.5% for 2022 and expect the PPI to be flat in 2023 as we factor in weaker global demand and expected PPI deflation in 1H23.”
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