Analysts at Danske Bank note that the Chinese CPI out this morning showed a reading of 4.5% (YoY, 4.3% expected, 3.8% in October).

• “The Chinese CPI has been heavily affected by pork prices throughout 2019 due to the outbreak of swine fever and higher food prices contributed 3.72pp to the headline inflation.
• Core inflation came in at 1.4%, which was the 15th straight month below 2%. There are signs though, that the effect from higher pork prices is slowing, which could lead to the CPI topping out at the beginning of next year.”