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Chinese deflation, US July CPI and commodities markets feel the pinch

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While China’s latest price reports have markets worrying about deflation, Group Chief Economist Neil Shearing thinks the real issue is what’s happening in core inflation against a backdrop of a struggling economy. He also reviews the “immaculate” July CPI report from the US and what means for the Fed and previews the UK CPI report for July due this coming Wednesday. 
Plus, Caroline Bain, our Chief Commodities Economist, talks about a raft of supply pinches facing commodities markets, from the collapse of the Black Sea Grain Initiative to Indian food protectionism to OPEC+ production cuts.