Chinese CPI numbers jump from 0.8% y/y to 1.4%

Chinese CPI jumped more than expected (but the drop in the PPI accelerated), from 0.8% y/y to 1.4%.

The numbers follow higher-than-expected inflation from the Euro area, and suggest recent deflation fears are overblown.
 
Nordea notes in a report on Tuesday:

We would not read too much into the numbers because of the effects from the Chinese Lunar New Year holiday.