China factory-gate inflation slows more than expected in July

Macro
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Summary · why it matters

China's producer price inflation eased more sharply than expected in July, while consumer inflation also slowed. The producer price index rose 3.5% from a year earlier, down from June's 4.1% increase and below the 3.8% forecast by economists surveyed by Reuters. The moderation came as global energy prices retreated, reducing cost pressure for some manufacturers, though several companies remain exposed to elevated input expenses and sluggish domestic demand. Zhiwei Zhang, chief economist at Pinpoint Asset Management, said the figures were consistent with other economic indicators, including a larger-than-expected decline in China's purchasing managers' index. Chinese leaders have pledged to support growth by accelerating fiscal spending on infrastructure projects, and the latest inflation readings may reinforce expectations that Beijing will maintain policy support through the remainder of the year.

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