China's National Bureau of Statistics said headline CPI rose 0.2% MoM in
September, 0.2ppt lower than August. Services prices flipped from +0.1% to -0.2%
MoM, moving their CPI contribution from +0.04ppt to -0.08ppt. Following the end
of summer, airfares, hotel accommodation and travel-agency fees fell 8.7%, 7.0%
and 6.0% respectively, jointly cutting CPI MoM by about 0.12ppt. School
reopenings lifted education services by 0.4%, adding ~0.03ppt. Industrial
consumer-goods prices rose 0.7% MoM, a 0.1ppt slowdown, contributing ~0.22ppt to
MoM CPI.