China's consumer prices swung into decline and factory-gate deflation persisted in October, suggesting pressures on demand have picked up as the world's second-largest economy struggles to emerge from a post-pandemic slump.
The consumer price index dropped 0.2% in October from a year earlier, data from the National Bureau of Statistics showed on Thursday, a faster decline than the forecast for a 0.1% fall in a Reuters poll. CPI was unchanged in September.
The figure is dragged down by the faster slumping pork prices, down 30.1% after a 22% slide in September, driven by an oversupply of pigs and weak demand. The data follows other economic indicators that suggest a meaningful economic recovery remains elusive and an uphill challenge for Chinese officials seeking to restore momentum.Year-on-year core inflation, which excludes food and fuel prices, was up 0.6%, slowing from a 0.8% rise in September.
The producer price index fell 2.6% year-on-year against a 2.5% drop in September, marking the 13th straight month of decline. Economists had predicted a 2.7% fall in October.But headwinds remain with a property crisis, local debt risks and policy divergence with the West all complicating the recovery process.November 9, 2023 · 12:43 AM UTC
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