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China's CPI rose by 2.3% in February

Thursday, Mar 10 2016
China’s consumer price rose the most since mid-2014 in February as food costs jumped amid the week-long Lunar New Year holidays, where millions binge on roast pork, duck, seafood and vegetables. The consumer-price index rose 2.3 percent in February from a year earlier, up from 1.8 percent in January, as food prices surged 7.3 percent. Raising question marks over the durability of that pickup, non-food prices moderated from a month earlier to a 1 percent increase and services inflation slowed. 
The producer-price index fell 4.9 percent, narrowing from a 5.3 percent decrease in January, extending declines to a record 48 months. Stabilization in prices, if sustained in coming months, will ease policy makers’ concerns over deflation, which discourages new investment and erodes profit margins. Still, CPI remains well below the government’s target for 3 percent this year, meaning there’s no constraint yet on policy makers’ scope for easier monetary settings.
 
Aussie is currently being traded around 0.7470 area. Pair is likely to find support around 0.734 handle and resistance above 0.7550 level. There will be no major data releases in the rest of the session.
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