Greater China: China: September CPI inflation remains benign, while PPI jumps on commodity prices

China's September CPI inflation inched up to 0.9%oya on a 0.1%m/m sa uptick. The main lift came from transportation and communications, up 1.4%m/m sa, as domestic vehicle fuel costs jumped 4.5%m/m nsa. This was offset by lower food prices, while core inflation remained benign at 1.0%oya. Meanwhile, PPI inflation accelerated to its highest rate since the Middle East conflict began, rising 1.1%m/m sa or 5.0%oya, led by higher oil and metal prices, tighter coal and construction-material markets, and continued strength in AI-related demand. Pass-through from higher producer costs to consumer prices remained limited amid weak end-demand;