A tail of two CPI’s today, USA and China. The former showing a slight fall from very high levels, the latter reporting the highest since July 2020 as pork prices jump 20%. In both places, central banks warn they cannot drop their guard on controlling the inflation dragon.
Already economists are talking about a down trend in the US, we will see. In contrast to the US and other major economies, consumer inflation in China has been relatively subdued this year as strict Covid control policies and sporadic outbreaks curbed consumer and business spending.
Those virus flare-ups — along with global headwinds and an ongoing real estate crisis — have kept China’s economic recovery fragile, with factory activity unexpectedly contracting last month and property sales continuing to shrink.
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