China slips into deflation as post-Covid recovery falters
Deflation refers to falling prices of goods and services and is caused by a number of factors, including waning consumption. – EPA pic, August 9, 2023.
CHINA slipped into deflation as consumer prices contracted last month for the first time in more than two years, official data showed today, as slowing domestic spending weighs on the country’s post-Covid economic recovery. The Consumer Price Index, the main gauge of inflation, fell 0.3% in July, the National Bureau of Statistics said, having flatlined in June.
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