China inflation data for February. CPI -0.2% y/y (expected -0.3%) PPI +1.7% y/y (expected +1.5%)

China data, CPI -0.2% y/y vs. expected -0.3% y/y, prior -0.3%

• pork prices are declining, more rapidly in February, holding the CPI in deflation
• a high base (from a year ago) also weighed

PPI +1.7% y/y vs. expected 1.5%, prior 0.3%

• highest in 2 years
• commodity price rises fuelled the index higher during the month
• likely to follow through higher in the further months ahead also

For the m/m, CPI +0.6% (expected +0.4%) and PPI +0.8% m/m