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A small double-whammy in China’s inflation figures just out today. The CPI rose to 2.7 per cent year-on-year from 2.1 per cent in May, 0.2% ahead of expectations. From ANZ:
More worrying for me has been the deflation loose in the industrial economy which continued at -2.7 per cent in June year-on-year, compared to -2.9 per cent in May, 0.1% worse than expected. Clearly overcapacity is at work.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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