A timely note from JP Morgan on inflation, this snippet on China:the domestic economy is grappling with deflation “Multiple factors have contributed to deflationary pressure in China, including global commodity price declines, food price drags and policy support for supply rather than demand” “However, we expect deflation will end but low inflation will stay in place in 2024.” Volatile pork prices have been the key driver of food deflation in China. However, the annual change in live pig stock, which tends to lead pork prices by three to six months, has stabilized in recent times. Plus, with oil prices expected to stay range-bound at around $83/bbl in 2024, deflationary pressures from impor
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