⚠️BREAKING: *CHINA DEFLATION FEARS MOUNT AFTER FIRST NEGATIVE CPI PRINT IN YEARS 🇨🇳🇨🇳
inflation fell 0.3% in the 12 months to July, slightly better than expectations for a drop of 0.4%, data from the National Bureau of Statistics showed on Wednesday. This came after a flat reading for June, and marks the first annual contraction in CPI since September 2021.
It also indicates that the world’s second-largest economy showed little signs of improvement after a dismal second quarter. A bulk of this weakness stems from a slowdown in China’s manufacturing sector, with a continued contraction inPPI inflation shrank 4.4% in July, more than expectations for a drop of 4.1%. While the reading did show some improvement from the 5.4% decline in June, it still remained close to its worst levels since the yuan crisis of 2016.
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