中国经济评论:PPI通胀超预期走高

10月CPI通胀超预期走高,主要受季节性食品价格推动。受服务价格影响,非食品价格环比涨幅从9月的高点回落;但相比去年的涨幅仍较高,主因医疗服务价格的上升。

    Oct CPI inflation accelerated more than expected as food prices became less of a drag. Sequentially, non-food pricegrowthmoderated from the Sephigh, led by servicesprices; however,YoY growth remained elevated driven by apickup in medical services.

    PPI 环比增速维持强劲,受限产令下采掘价格加速上涨驱动。与此同时,制造业的价格也持续走高,预示工业利润率向好。

    Sequential growth in PPI remainedstrong,driven by mining prices amid supply curbs. Meanwhile, manufacturing prices trended up, boding well for industrial profit margins.

    我们维持持续再通胀的预期。稳定内需和环保限产将支持PPI进一步上升,但预计在第四季度增幅可能有所放缓,PPI同比增速因去年高基数而有所回落。

    As we had anticipated, China’sreflation trend extended intoOct. Soliddemand and tightersupply curbssupport a furtherpickup in PPI,although we expect thepace of increase to slow and YoY PPI to moderate from thehigh base in 4Q17F.