China's economy remains in the doldrums, with prices falling due to slack demand from consumers and businesses. Data released Friday showed consumer prices remained flat in September compared with a year earlier, while wholesale prices fell 2.5%. Exports and imports also fell last month as demand fell in overseas markets.
FILE - A woman tries out a fall outfit at a booth doing a promotion sale on clothing for the upcoming autumn season at a shopping mall in Beijing, Sunday, Aug. 20, 2023. China’s economy remains in the doldrums, data released Friday, Oct. 13, showed, with prices falling due to slack demand from consumers and businesses. HONG KONG — China’s economy remains in the doldrums, data released Friday showed, with prices due to slack demand from consumers and businesses.
Earlier this week, the International Monetary Fund cut growth forecasts for China, predicting economic growth of 5% this year and 4.2% in 2024, down slightly from its forecasts in July.Social Security benefits will increase by 3.2% in 2024 as inflation moderates Friday’s data showed food prices dropped 3.2% in September, with the price of pork sliding 22% from a year earlier, a steeper decrease than the 17.9% drop in August.
“September’s inflation data remind us that despite some firming in activity indicators recently, China’s economic recovery remains challenged,” Robert Carnell of ING Economics said in a report.China’s producer price index — which measures prices factories charge wholesalers — has fallen for a full year, though last month it contracted more slowly than in August.
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