China CPI Rises 1.8pc in July; PPI Deflation Decelerates

CPI inflation was 1.8 percent yoy in July, up 0.2 percent from June. Remove the 1.6 percent spike around Spring Festival and the CPI is near flat for the year. The monthly increase in July was almost wholly due to a 3.8 percent increase in the price of fresh vegetables, itself a flood related spike.
NBS: 2016年7月份居民消费价格同比上涨1.8%

Producer prices are benefiting from rising commodity prices.

NBS: 2016年7月份工业生产者出厂价格同比下降1.7%

Whether it lasts is another question. Energy is a key factor, but also rising coal prices. Here's coke on the Dalian exchange breaking out to a new high on Monday and it has pushed to 1228 yuan at the moment, but volume is still way off the highs. Several commodities show similar patterns of new highs, or near new highs, on very low volume.

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