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China's consumer price index rose 1.2% year-on-year in May, the National Bureau of Statistics reported, falling short of the 1.5% consensus forecast and easing from April's 1.3% reading.
The shortfall deepens concern about domestic demand in the world's second-largest economy and sent the Australian Dollar lower, with AUD/USD trading around 0.6650 in the late Asian session — a data point that also rippled into Asia-linked assets such as $ASIA and fiat-sensitive plays like $FIAT.
What the Inflation Miss Actually Shows Strip out food and energy and the picture gets worse.
Core CPI climbed just 0.6% year-on-year, the National Bureau of Statistics data showed, pointing to weak underlying price pressures rather than a one-off drag from volatile components.
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