China is slipping further into deflation. Consumer prices in November recorded an annual contraction of 0.5% (from -0.2% in October) compared to estimates the day before of -0.1%, the largest since November 2020 due to the slowdown in food products (-4.2% from -4% in the previous month) and the further decline in pork prices. Producer prices, reported the National Statistics Office, fell by 3% per year, much more than -2.6% in October and market forecasts of -2.8: this is the 14th monthly decline consecutive and the largest since August with an economy in more difficult conditions.
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2023-12-09 04:32:00
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