China
China crept out of deflation in June, with a headline CPI inflation rate of 0.1% y/y compared to -0.1% y/y in May. The core measure rose 0.7% y/y compared to 0.6% in May. The modest relief on the CPI was overshadowed by a steeper decline in producer prices, down 3.6% y/y in June compared to -3.3% y/y in May. The implied GDP deflator for Q1 was also negative at -0.8% y/y. The weak inflation outcomes point to subdued aggregate demand growth and overly restrictive monetary policy settings.
New Zealand
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