China: July CPI at 1.8%/yr - TDS

Research Team at TDS, notes that China’s CPI was as mkt expected at +1.8%/yr for July. 

Key Quotes

“We looked for downside via food and it did decelerate to 3.3%/yr, but we missed the pickup in non-food from 1.2% to 1.4%/yr.  Housing was steady at +1.6%//yr. 

PPI was stronger than the mkt expected at –1.7% (mkt –2%, TD –1.8%) via a pickup in raw material prices. No policy implications.”