China's CPI rose 0.8% year-on-year in August and PPI climbed 3.8%, but the gains sit almost entirely in energy and raw materials. Core inflation and factory-gate consumer goods barely moved, which points to an import-driven rebound, not a credit-driven one.
Mars argues China's August rebound is a two-speed story: energy-led factory prices are firming faster than household demand, with tech hardware adding only a sliver to CPI. Source
