Asia Insights Global Markets Research Economics - Asia ex-Japan China: A more realistic picture of core CPI inflation after excluding gold The role of gold in the recent rise of core CPI inflation China has been mired in a moderate recession since late 2022, with CPI inflation at around 0% y-o-y and PPI inflation at around -2.5%. Recently, following the steady rise in core CPI inflation to 1.2% y-o-y in October from -0.25% in January-February, markets have been looking at whether China will finally escape t ...