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China: Low PPI in some sectors reveals weakness in manufacturing - ING

Iris Pang, economist at ING, notes that China’s headline PPI was low at 0.9%YoY in December from 2.7% previously with metals and automobiles experienced deflation in PPI, which is alarming, while telecommunication-related industries also experienced very low inflation.

Key Quotes

“CPI inflation was also mild due to lower transport costs from lower energy prices, which should go up again in January from the rebound of energy prices.”

“China's monetary policy does not depend on inflation as the central bank does not have an inflation target. But as demand is weak in China, the central bank has started easing, and we expect more to come.”

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