China CPI mixed: A rise in food prices keeps inflation elevated despite lockdowns

China'sinflation data released by the National Bureau of Statistics of China has been released as follows:

China sept CPI +2.8% YoY (Reuters poll +2.8% ).
    
Cchina sept PPI +0.9% YoY (Reuters poll +1.0%).
    
China sept CPI +0.3% MoM (Reuters poll +0.4%).
    
China sept PPI -0.1% MoM.
    
China sept food CPI +8.8%.

More to come..., but food prices picking up have countered the lockdowns. 

About Chinese CPI

The Consumer Price Index is released by the National Bureau of Statistics of China. It is a measure of retail price variations within a representative basket of goods and services. The result is a comprehensive summary of the results extracted from the urban consumer price index and rural consumer price index. The purchasing power of the CNY is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. A substantial consumer price index increase would indicate that inflation has become a destabilizing factor in the economy, potentially prompting The People’s Bank of China to tighten monetary policy and fiscal policy risk. Generally speaking, a high reading is seen as positive (or bullish) for the CNY, while a low reading is seen as negative (or Bearish) for the CNY.