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China's CPI picked up led by food costs

Thursday, Feb 18 2016
China’s consumer price inflation picked up in January, led by food costs ahead of the week-long Lunar New Year holiday. The consumer-price index rose 1.8% in January from a year earlier, the National Bureau of Statistics said Thursday, compared with 1.6% a month earlier. The producer-price index fell 5.3%, compared to a 5.9% decrease in December, extending declines to a record 47 months. A sustained acceleration in consumer price gains may offer policy makers some relief as they battle to underpin growth while tackling overcapacity. 
 While the world’s second-largest economy has shown some signs of economic stabilization, the lingering lack of pricing power -- especially among the nation’s factories -- still signals tepid demand. NBS said food prices rose 4.1% from a year earlier, picking up from 2.7% in December for the quickest pace of gains since May 2014. Food and clothing prices at the factory gate climbed slightly, while purchasing prices for fuels, ferrous and non-ferrous metals all fell more than 10% from a year earlier.
 
Aussie is currently being traded around 0.7160 area. Pair is likely to find support around 0.7080 handle and resistance above 0.7250 level. Later today, in the US session, Unemployment Claims and Philly Fed Manufacturing Index figures are scheduled for a release.
 
Source: Bloomberg.com
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