China’s July consumer price index rose 0.5% year on year, below forecasts and marking a six-month low, as food prices continued to contract while energy cost pressures eased after the earlier oil-price spike tied to Middle East developments. Weak domestic demand, ample supply in key categories, and softer non-food inflation kept the print subdued, with core CPI also moderating. The National Bureau of Statistics is scheduled to release August figures around September 9. Traders view the 0.7–0.8% range as the most probable outcome, reflecting expectations of a modest rebound from July amid ongoing policy efforts to support growth, while lower readings remain possible if demand stays soft and higher prints would require stronger momentum in non-food or energy components.