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China July CPI expected to remain stable at 2.3% - ING

FXStreet (Łódź) - Prakash Sakpal from ING remarks that China's July CPI data, due out on Saturday, should show 2.3% growth year-on-year, unchanged from the June reading.

Key quotes


"Food remains the main driver. Food prices typically retrace their Jan-Feb Lunar New Year-related spikes in Mar-June before typhoon season pressures them higher in the third quarter of the year."

"Headline inflation slowed to 2.25% YoY YTD in June from 2.5% in 2013, all of which was from slowdown in food to 3.4% from 4.1%. Non-food inflation has been steady at 1.7%."

"If sustained we see disinflation in food component imparting a downside risk to our 2.3% full-year inflation forecast for 2014."

"This with improved growth outlook supports our forecast of no broad monetary easing by the PBOC via an RRR or policy interest rate cut this year."

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