中国：“反内卷” 产生的再通胀需要时间-China_ Anti-involution generated reflation takes time

Asia Pacific Economic Research 10 August 2025 China: Anti-involution generated reflation takes time J P M O R G A N July CPI inflation flat, PPI deflation elevated China's inflation conditions remained soft in July. Headline CPI recorded flat growth (0%) in both %oya and %m/m sa terms, moderating from 0.1% in June (J.P. Morgan and consensus: -0.1%oya). Food prices dropped 1.6%oya (on an unfavourable base, especially for pork and agricultural food) or 0.6%m/m sa. The major offsets came from: 1) household fac ...