更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 September 10, 2025 03:31 AM GMT China Economics | Asia Pacific M Update A Deflation Reality Check Key Takeaways The August inflation print saw pockets of improvement, driven by anti-involution and consumer goods trade-in. Prices outside policy support remain soft. CPI – food prices were the sole drag: Food CPI fell at -11%M SAAR (the decline was broad-based) – combined with a high base, this led to a 2.7pp drop in YoY to -4.3%, explaining all the YoY drop in headline CPI. Food i ...