Buried in China’s gross domestic product data this week was an inflation conundrum, writes Simon Rabinovitch in Beijing.
While most analysts pored over the numbers to get a sense of how growth was holding up, at least two spotted a large discrepancy between reported, and implied, price changes.
The gap is more than just an academic curiosity. It suggests that inflation is stronger than the government has been saying and could explain why Beijing has been so reluctant to loosen policy despite a slowing economy.
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