🇨🇳 China PPI Inflation At The Highest Since 2008

• May PPI rate came at 9% Y/Y, above the consensus of 8.5% and the previous 6.8%. PPI inflation, prices at the producer level, have not seen these expansions since 2008

• CPI missed estimates after printing at 1.3%, higher than the previous 0.9%

• The gap between CPI and PPI is the highest on record, 7.7pp. Analysts point out that higher producer prices indicate that China is exporting inflation to the world. These dynamics come to counterpoint the 'transisionistas', the risk here is that central banks could be underestimating price pressures