China's consumer prices fall for first time in 2 years
BEIJING: China's consumer prices posted their first annual decline in more than two years in July, while factory gate prices extended their falls, data showed on Wednesday , as lacklustre demand weighed on the economy.
The producer price index fell for a 10th consecutive month, down 4.4 per cent from a year earlier after a 5.4 per cent drop the previous month. That compared with a forecast for a 4.1 per cent fall.slowed after a brisk start in the first quarter, as demand at home and abroad weakened. Authorities have rolled out a flurry of policy measures to support the economy, with more steps expected.
However, authorities have downplayed concerns about deflation. Liu Guoqiang, deputy governor of the central bank, last month said there would be no deflationary risks in China in the second half of the year, but noted the economy needs time to return to normal after the pandemic.
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