Chinese Inflation Data - Things aren’t that bad
China’s economic performance has been gloomy and generally below the market’s consensus. The National Bureau of Statistics of China had released July’s CPI , YoY -0.3% , a slightly bit better than market’s expectation of -0.4% . This is the first time China fell into deflation since early 2021.
Most of the news circulating out there were portraying this set of data badly , but the MoM increment in CPI was neglected by the market.
From the chart above , the CPI Index rebounded in July , coupling with the stimulus plans announced by the Chinese government during the Politburo meeting last month that will gove the consumer sentiment a boost , I opine that this may be the only month that fell into negative region for the year 2023
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