China's headline CPI reading (data for July is published today) is expected to nudge up towards 3%. The wave of inflation that has engulfed everywhere else on the planet has not shown up to anywhere near the same extent in official Chinese data. 3% is the upper edge of the government target for inflation. The Chinese Communist Party pulling the levers on the economy (or, trying to) have had room to move with more fiscal and monetary support given the low reported rates of inflation. At or above 3% would pose a challenge. The tolerance for inflation may have to be raised, or extra stimulus trimmed back with a flow on effect to less propping up of the economy, its being engulfed by an imploding property sector and domestic demand that has been hit by ongoing waves of COVID-related lockdowns and restrictions.
Of direct impact, Communist Party officials through the National Development and Reform Commission of the People's Republic of China (NDRC) - the state planner - have been trying to contain fast-rising pork prices. These are a major component of the CPI data.
This snapshot from the ForexLive economic data calendar, access it here.
The times in the left-most column are GMT.
The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where is a number, is the consensus median expected.
