摩根士丹利：中国经济-生产者价格指数（PPI）通缩加剧

July 9, 2025 04:00 AM GMT China Economics | Asia Pacific PPI Deflation Deepens Key Takeaways Stable core CPI, less drag from food and energy: Core CPI edged up 0.1ppt to 0.7%Y from a low base, while its MoM growth held steady at 1.1% SAAR (on par with April and May), thanks to consumer subsidies (CPI factor in undiscounted prices). Meanwhile, food prices came in strong at 12%M SAAR amid unfavorable weather (per NBS), and oil CPI rebounded 5%M SAAR (vs. sharp drop in previous months). PPI - weak final demand ...