China Releases CPI and PPI Data with Base Period Adjustment

China's National Bureau of Statistics released the Consumer Price Index (CPI) and Producer Price Index (PPI) data this morning. According to Ming Pao, the data underwent a base period adjustment, which has been calculated to have an average impact of approximately 0.06 and 0.08 percentage points on the year-on-year indices for CPI and PPI, respectively. The overall effect of this adjustment is relatively minor.