If the CPI is higher than expected, the central bank may accelerate interest rate hikes (similar to the Federal Reserve's aggressive rate hikes in 2022); if the data is weak, it may shift to easing (as Japan has maintained negative interest rates for a long time). For example, in June 2023, the core CPI in the United States fell to 4.8%, and the market immediately adjusted its expectations for Federal Reserve rate hikes. Sustained high inflation (like the Eurozone's CPI exceeding 10% in 2022) reflects an imbalance between supply and demand, while deflation (like China's CPI approaching zero in the second quarter of 2023) suggests insufficient demand.