BEIJING: Chinese consumer prices rose in February for the first time since August, data showed today, bucking a months-long stretch of deflation that compounded the country’s myriad economic woes.
The world’s second-largest economy posted some of its lowest growth in decades last year and is battling a prolonged property sector crisis and soaring youth unemployment.But in a rare bright spot, official statistics today showed the consumer price index rose 0.7 per cent last month, according to Beijing’s National Bureau of Statistics — the first increase since August.
On Tuesday, Premier Li Qiang told that gathering the country would seek five per cent growth in 2024 — an ambitious goal that he acknowledged would be “not be easy” given the headwinds facing the economy.High among those issues has been deflation, which China entered last July for the first time since 2021.Consumer prices traditionally see a boost during the Chinese New Year period, also known as Spring Festival, which fell in February this year.
While deflation suggests goods were cheaper, it poses a threat to the broader economy as consumers tend to postpone purchases, hoping for further reductions.
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