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South Korea’s Producer Price Index rose 0.4% month-on-month in July—well above the 0.1% consensus—and held at 0.5% year-on-year. The stronger monthly print points to renewed upstream price pressure after a softer patch, likely driven by higher commodity costs and pass-through in key industrial sectors. Although the annual pace remains subdued, the MoM pickup suggests firms are facing rising input costs that could feed into margins or be passed on to consumers if sustained. Markets and policymakers will watch whether the monthly momentum persists into Q3, as it bears on inflation dynamics and corporate pricing behavior.

What it is (short):

PPI measures prices received by domestic producers — a leading gauge of input-cost pressure before it reaches consumer inflation.

Possible effect:

A hotter monthly PPI is mildly hawkish: it can lift near-term inflation expectations, support bond yields, and increase the chance that firms raise selling prices, nudging monetary authorities to stay alert.

The Bank of Israel left its policy rate unchanged at 4.50% in August, matching market expectations. The decision reflects a cautious stance as headline inflation has been moderating, but monthly price momentum remains present. By holding rates, the central bank aims to balance supporting growth while ensuring inflation continues toward the target. Officials signalled data dependence, monitoring wage and services inflation for signs of stickiness before shifting policy. The move preserves borrowing-cost certainty for households and firms while keeping monetary policy optionality in case inflation surprises.

What it is (short):

The policy (key) rate is the central bank’s main tool to influence borrowing costs, spending, and inflation.

Possible effect:

Unchanged rates should stabilize mortgage and lending costs, limit near-term shock to markets, and keep the shekel and local bond yields sensitive to upcoming inflation and wage prints.

South Africa’s headline CPI eased slightly to 3.5% year-on-year in July from 3.6%, yet monthly inflation accelerated to 0.9%, signaling a pick-up in near-term price momentum. Core inflation — which strips volatile items — rose to 3.0% y/y with a 0.4% m/m gain, underscoring that underlying price pressures are firming. The divergence between the softer annual print and stronger monthly/core reads suggests temporary base effects moderated the year-on-year rate even as domestic demand and pass-through from costs kept prices moving higher in July.

What it is (short):

CPI measures consumer price changes; core CPI removes volatile components to show underlying inflation trends.

Possible effect:

Stronger monthly and core inflation may reduce room for near-term interest-rate cuts, supporting bond yields and keeping the rand sensitive to incoming data. Policymakers will monitor whether monthly momentum persists before altering policy.

Israel’s CPI rose 0.4% m/m in July, matching expectations and quickening from 0.3% in June. The annual rate eased to 3.1% y/y from 3.3%, aligning with forecasts and sitting just above the Bank of Israel’s 1–3% target band. The mix—cooler year-over-year but a firmer monthly print—signals that disinflation is progressing, albeit unevenly.

Argentina’s CPI rose 1.9% m/m in July, above the 1.8% consensus and faster than 1.6% in June. On an annual basis, inflation slowed to 37.6% y/y, down from 39.4%, but came in hotter than the 36.4% forecast. The mix—firmer monthly momentum alongside cooler yearly prints—suggests base effects are helping the headline while underlying price pressures remain sticky, likely led by services and regulated items.

What it is: The Consumer Price Index tracks average changes in prices paid by households for a basket of goods and services.

Possible effect: The upside surprise on the month may temper expectations for rapid monetary easing. Policymakers could proceed cautiously, prioritizing inflation control to support peso stability, while markets weigh slower disinflation against growth and real-wage dynamics.

Consumer sentiment eased across Latin America in August. Mexico’s PCSI dipped to 53.15 (from 54.97), Brazil’s to 51.04 (from 51.15), while Argentina’s slid to 44.24 (from 44.58). Readings above 50 still signal mild optimism in Mexico and Brazil, but Argentina remains below the neutral line, pointing to persistent household caution. The broad, if modest, pullback suggests consumers are more guarded on personal finances and the economic outlook as inflation and borrowing costs stay in focus.

What it is: The Thomson Reuters/Ipsos PCSI gauges views on personal finances, job security, the economy, and investment intentions—an early read on spending appetite.

Possible effect: Softer sentiment may cap near-term retail and discretionary demand, reinforcing a gradual-easing bias from regional central banks—though countries above 50 could see steadier consumption than those still in pessimistic territory.

Brazil’s services activity rose 0.3% m/m in June, edging up from 0.2% in May and marking a modest third straight monthly gain. On a year earlier, growth slowed to 2.8% y/y from 3.8%, pointing to softer momentum as base effects fade. Sequential resilience likely came from transport/logistics and information services, while professional and administrative segments acted as a drag. The mixed print suggests domestic demand is holding up but no longer accelerating into mid-year, keeping the recovery on a steady—if slower—track.

What it is:

The Services Sector Growth report tracks inflation-adjusted output across transport, information/communication, professional services, and other consumer-facing activities—vital for Brazil’s services-led economy.

Possible effect:

Stable monthly gains should support Q2–Q3 GDP, but cooler y/y growth may temper pricing power and ease pressure on interest rates, with nuanced implications for the real and service-exposed equities.

India’s Wholesale Price Index (WPI) fell 0.58% YoY in July (vs –0.30% expected; –0.13% prior), marking a renewed bout of wholesale deflation. Food prices slumped –6.29% (from –3.75%), while fuel inflation stayed negative at –2.43% (vs –2.65%). Offsetting some of the drag, manufacturing inflation edged up to 2.05% (from 1.97%), hinting at firmer core goods pricing even as headline pressures ease. The mix suggests supply-side relief is broadening, led by cheaper food and still-soft energy costs.

What it is:

WPI tracks producer-level prices for commodities and manufactured goods—an early signal for input costs and future consumer inflation.

Possible effect:

Deeper wholesale deflation could ease margin pressure for firms, temper near-term CPI, and support bonds. However, a firmer manufacturing component and currency moves may limit the scope for aggressive policy easing.

Korea’s Export Price Index fell 4.3% YoY in July, while the Import Price Index declined 5.9% YoY, a milder drop than expected. The softer falls point to easing cost pressures—helped by a steadier won and cooler energy prices—even as exporters face lower pricing power.

What it is:

Export/Import Price Indexes track average won-denominated prices of shipped and purchased goods. They’re driven by global commodities, FX moves, and sector mix.

Possible effect:

Cheaper import prices can relieve input costs and support disinflation, aiding margins for import-reliant sectors (airlines, utilities, retailers). Lower export prices may squeeze headline revenues, but improved terms of trade could offset some pain. The mix keeps the Bank of Korea comfortable with a cautious stance, while KRW and KOSPI reactions may be sector-specific.

فروش خرده‌فروشی برزیل در ژوئن ۰٫۱٪- ثبت شد (در برابر انتظار ۰٫۷٪+) پس از ۰٫۴٪- در مه. رشد سالانه به ۰٫۳٪ کاهش یافت (کمتر از ۲٫۴٪ مورد انتظار و ۱٫۷٪ قبلی)، که بیانگر ضعف تقاضای خانوار در شرایط اعتبار سخت‌تر است.

Brazil’s retail sales fell 0.1% m/m in June (vs +0.7% expected) after –0.4% in May. Year-on-year growth slowed to 0.3% (vs 2.4% expected; 1.7% prior), pointing to softer household demand amid tight credit and cautious consumers.

South Korea’s unemployment rate was 2.5% in July, below the 2.6% consensus and steady near multi-year lows, pointing to a resilient labor market despite global headwinds. Stable joblessness should help underpin household spending even as external demand remains mixed.

What it is: The unemployment rate measures the share of the labor force actively seeking work but unable to find a job.

Possible effect: A tight labor market may support consumption and tax revenues, while keeping the Bank of Korea focused on balancing growth against inflation risks. Markets could view the print as neutral-to-supportive for the won and equities, with policy guidance hinging on upcoming wages and activity data.