China's July CPI print of 0.5% year-on-year, below consensus forecasts, has kept trader focus on whether soft consumer demand and declining food prices will persist into August data. Weak pork prices from ample supply, softer non-food inflation, and subdued retail spending continue to anchor expectations near the 0.5-0.8% range, with the two leading brackets capturing 80% of market probability. Upcoming releases on industrial production, retail sales, and any policy signals from Beijing on stimulus or energy costs could shift positioning by clarifying if deflationary pressures are easing or entrenched. Global commodity movements, particularly in fuel and agricultural goods, add further uncertainty ahead of the September release.