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Deflation in China accelerates in November

Deflation in China accelerates in November

The deflation in China accelerated in November, according to official data published on Saturday, reflecting the difficulties of the second economy world to stimulate consumption after Covid-19.

President Xi Jinping himself said on Friday that the post-pandemic recovery is “still in a critical phase” and warned of “the growing adverse factors in the international political and economic environment.”

The consumer price index, a key indicator of inflation, contracted 0.5% year-on-year, according to the National Statistics Office (ONE).

An official of this body, Dong Lijuanattributed the decline to “downward fluctuations in energy and food prices.”

In October, prices in the world’s second largest economy fell 0.2%. The ONE also indicated that inflation industrialwhich measures the price of products when they leave the factory, contracted for the 14th consecutive month, reaching a –3% year-on-year after the -2.6% recorded the previous month.

Dong argued this fall by “a rebound in international oil prices that has weakened demand for some industrial goods.”

(Source: AFP)

Source: Gestion

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