China September CPI: Food Prices Down 1.7% YoY, Non-Food Up 1.5%

The divergence between falling food prices and rising non-food prices points to uneven domestic demand rather than broad disinflation. Food deflation often reflects supply-side factors like favorable harvests or weak consumption, while non-food gains suggest some pricing power in services. For crypto and RWA markets, the key question is whether this CPI mix prompts further monetary easing, which could influence risk appetite and capital flows into alternative assets. Whether the food-non-food gap persists is the open question.