China’s economy has fallen into deflation as consumer prices contracted for the first time in more than two years, in one of the starkest indicators of the challenges facing policymakers as they struggle to revive consumption.
The consumer price index fell 0.3 per cent year on year in July, compared with no change a month earlier. The producer price index, a gauge of prices as goods leave factory gates, was down 4.4 per cent in July.
Consumer prices, which last slipped into negative territory in February 2021, have been on the brink of deflation for months as China’s economic momentum failed to rebound as strongly as expected after authorities lifted pandemic restrictions at the beginning of the year.
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