12 months-on-year CPI inflation goes adverse (-0.3% vs. -0.4% consensus), and month-on-month is constructive.
Determine 1: China year-on-year inflation charge for CPI (black), for core CPI (tan), and for PPI (inexperienced). ECRI outlined peak-to-trough recession dates shaded pink. Supply: Kose/Ohnsorge – World Bank and IMF, IFS, each up to date utilizing TradingEconomics; and creator’s calculations.
So, on a year-on-year foundation, headline CPI is falling, i.e. there’s deflation.