Food prices account for around a third of the China CPI; the big falls in pork prices have stabilised, fresh vegetable & fruit prices have moved higher. The key 'swing' component may well be rice, which has seen upward price pressure due to a poor, early harvest.
Societe Generale are looking for CPI at 1.8%. The bank notes wholesale prices of agricultural products increased due to supply constraints caused by poor weather. But non-food components are expected to have stayed reasonably stable. They note, too, that the official manufacturing PMI showed input price index rose, which is likely to give the PPI a boost
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