10月中國CPI同比漲幅降至5個月低點

Another slowdown in food prices pulled Chinese inflation lower in October, according to the National Bureau of Statistics.

中國國家統計局數據顯示，10月份，食品價格的再次放緩拉低了中國的通脹率。

China's consumer price inflation decelerated to just 1.3 per cent year-on-year last month, the slowest rate since May. On a month-to-month basis inflation fell by 0.3 per cent, the first negative reading since May.

10月份，中國居民消費價格總水平(CPI)同比漲幅降至1.3%，爲今年5月以來的最低漲幅；環比下降0.3%，爲今年5月以來的首次環比下降。

Economists had forecast a 1.5 per cent annual rate, after a 1.6 per cent reading in September. Beijing's inflation target is "around 3 per cent" this year.

9月份CPI錄得1.6%的同比漲幅後，經濟學家曾預測10月份的同比漲幅爲1.5%。中國政府爲今年全年設定的通脹目標爲“3%左右”。

Low inflation reflects weakening demand and doesn't inspire confidence about the economic shift from manufacturing to consumption, yet at the same time it should allow Beijing to enact stimulus should it seek to support the economy further .

低通脹反映出需求趨弱，不利於人們增強對經濟轉型（從側重製造業轉向側重消費）的信心，但另一方面，這種局面爲中國政府實施刺激措施留出了空間——假如它希望爲經濟提供更大支持的話。

The main culprit for the deceleration was food, though food inflation is higher than the overall index. Food prices were up 1.9 per cent in October, down from 2.7 per cent in September and 3.7 per cent in August. Non-food inflation ticked down 0.9 per cent from 1.0 per cent.

CPI漲幅放緩主要是由食品價格導致的，儘管食品價格漲幅仍高於總體漲幅。10月份，食品價格同比上漲1.9%，低於9月份的2.7%和8月份的3.7%。非食品價格漲幅從1.0%降至0.9%。

"Wholesale food prices suggest that pork, vegetable and fruit price inflation all eased last month," said Capital Economics before the figures came out. "

“食品批發價格顯示，上月，豬肉、蔬菜和水果的價格上漲都有所放緩，”凱投宏觀(Capital Economics)在CPI數據公佈前表示。

Meanwhile, producer prices were deflating at a rate of -5.9 per cent, a six-year low, for a third straight month.

另一方面，10月份工業生產者出廠價格(PPI)連續第3個月同比下降5.9%。

The PPI has been negative for 44 consecutive months, reflecting excess supply of housing materials and raw materials, and overcapacity in heavy industry.

PPI已連續下降44個月，反映出建房材料和原料的供應過剩，以及重工業的產能過剩。