China – perhaps core CPI hasn't dropped since covid
It wasn't surprising that core CPI picked up in February. But the rise took average core in the last three months to 2% annualised, a rise big enough to challenge the idea that there's been a structural shift down in core since covid. That reinforces our view that underlying inflation has bottomed.
![China – perhaps core CPI hasn't dropped since covid](/content/images/size/w2000/2024/03/China--Core-CPI----MoM-annualised-2.png)