Research: China's June Cpi Inflation Likely to have accelerated to 2.6% Y/y


Quotes from Standard Chartered:

-China will release June CPI data on 9 July. We expect CPI inflation to have accelerated to 2.6% y/y from 2.1% in May on higher pork prices. Average pork prices rose 5.1% m/m in June, versus a decline of 18% in March-May, according to the National Bureau of Statistics.

-Pork consumption likely recovered after the sharp decline in the past three months owing to reports of mysterious pig deaths and the outbreak of bird flu. PPI inflation likely moderated to 2.7% y/y in June from 2.9% in May, versus a decline of 1.3% in March-April. We expect a slower m/m decline in June, owing to a lower manufacturing PMI reading (a sub-index of the PPI).

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