Chinese Inflation In July
Year-on-year CPI inflation goes negative (-0.3% vs. -0.4% consensus), and month-on-month is positive.
Figure 1: China year-on-year inflation rate for CPI (black), for core CPI (tan), and for PPI (green). ECRI defined peak-to-trough recession dates shaded pink. Source: Kose/Ohnsorge – World Bank and IMF, IFS, both updated using TradingEconomics; and author’s calculations.
So, on a year-on-year basis, headline CPI is falling, i.e. there’s deflation.
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