China has slipped into deflation as the world’s second-largest economy struggles to revive demand after years of zero-Covid policies.
The consumer prices index fell 0.3pc in the year to July, according to the National Bureau of Statistics (NBS).
It was the first year-on-year decline since February 2021. Inflation was unchanged in June.
Deflation refers to falling prices of goods and services and is caused by a number of factors, including waning consumption.
China also revealed that factory gate prices extended their declines, with the producer prices index (PPI) falling for a 10th consecutive month, down 4.4pc from a year earlier after a 5.4pc drop the previous month. That compared with a forecast for a 4.1pc fall.
The figures come amid mounting fears China is entering an era of much slower economic growth akin to the period of Japan’s “lost decades” since the 1990s, which saw consumer prices and wages stagnate for a generation. On Tuesday, China revealed poor import and export data.
Asian shares mainly fell overnight as China’s data confirmed its economic recovery was losing steam.
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2023-08-09 06:16:12Z
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