China June 2024 CPI +0.2% y/y (expected +0.4%) and PPI -0.8% y/y (expected -0.8%)

July 10, 2024 8:51 am

Inflation, both CPI and PPI, data from China’s National Bureau of Statistics (NBS), June 2024:

PPI m/m -0.2%

  • prior +0.2%

Core CPI rose by 0.6% y/y, unchanged from May.

The y/y CPI has come in lower than the median estimate, and indeed the m/m has fallen. China appears to be flirting with deflation again. The PBOC has recently allowed the onshore yuan (CNY) to trade weaker, which should push up the price of imports if nothing else. USD/CNY has dropped to 7.2670 in early trade in China, the weakest for the CNY since the middle of November 2023.

The PPI, of course, persists in deflation.

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