摘要：
Fine-tuning July CPI Forecast: With our July forecastrolling over into the third week, we fine-tune our July CPIforecast to +3.3% YoY from +3.2% YoY of last week onthe back of new MoFcom price information. The upwardrevision is driven mainly by intensified food inflationstemming from the continued rebound of vegetableprices and heightened pork prices. Since the carryovereffect of July is flattish with June at 2.1%, 0.4 pp ofexpected augmentation of CPI inflation (+3.3%expected in July vs. +2.9% YoY in June) should comepurely from the new price increase. We maintain our PPIforecast at +6.6% YoY for July (vs. +6.4% YoY in June).

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