China inflation data for July

CPI 1.4% y/y, slightly under expected

  • expected 1.5%, prior 1.5%
  • For the m/m, up 0.1%

Still below target level

More:
Food inflation -1.1% y/y

  • and -0.1% m/m

Non food inflation +2.2% y/y

  • and +0.2% m/m

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PPI 5.5% y/y, and also slightly under expected

  • expected 5.6%, prior 5.5%
  • Up 0.2% m/m

Commodity prices higher (coal, steel, cement) have helped support industrial firm profits; capacity cuts also contributing