China inflation figures for July 2022

China CPI 2.7% y/y (and 0.5% m/m)

  • expected 2.9% y/y, prior 2.5%

PPI 4.2% y/y (and -1.3% m/m)

  • expected 4.8%, prior 6.1%

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Chinese authorities will not be hampered by above-target inflation, according to these official data, if they wish to inject more fiscal &/or monetary stimulus into the economy.