- China’s CPI inflation softens to -0.3% YoY in July vs. -0.4% expected
Market news
9 August 2023
China’s CPI inflation softens to -0.3% YoY in July vs. -0.4% expected
The latest data published by China’s National Bureau of Statistics (NBS) showed on Wednesday, the country’s annual Consumer Price Index (CPI) fell 0.3% in July, compared with 0% seen in June. The market consensus was for a -0.4% clip.
On a monthly basis, Chinese CPI inflation rose to 0.2% in July versus the -0.2% decrease recorded in June and -0.1% estimates.
China’s Producer Price Index (PPI) declined 4.4% YoY in July as against a 5.4% drop registered previously. Markets had predicted a 4.1% decrease in the reported period.
Market reaction
At the time of writing, AUD/USD is unmoved by the key Chinese data release, keeping its range at around 0.6540.
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