China producer prices in deflation for first time since 2020 - BusinessMirror

China’s producer prices fell into deflation for the first time in nearly two years as global commodity prices slid and restrictions to control Covid outbreaks dragged on demand, a further sign of the challenges facing companies already under pressure from the economic downturn.

The subdued consumer and producer prices in China stand in contrast with other nations, where central banks have raised interest rates repeatedly to tame costs. Demand in China has been hit hard by the ongoing property market crisis and repeated Covid outbreaks and lockdowns, which have weighed on confidence.

“We think that China may begin to engage in a fierce battle with looming risks from deflation with weak domestic demand and softening export demand,” said Bruce Pang, chief economist at Jones Lang LaSalle Inc. Part of the weakness in factory prices can be explained by last year’s high base of comparison: PPI hit a 26-year high at this point in 2021 as global commodity prices rallied on booming post-pandemic demand and tight supplies.

Dong Lijuan, chief statistician at the NBS, said the fall in demand after the holiday period in early October dragged on consumer price growth, as did a high base with last year.

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Covid TF sees prime-age individuals killed by Covid-19Apart from infants and senior citizens, the Davao City Covid-19 Task Force said even prime-age individuals or young adults aged 20 to 29 years old are also dying from Covid-19. Dr. Michelle Schloss…
Source: EdgeDavao - 🏆 23. / 51 Read more »

China stages historic air show under cloud of zero-COVID - BusinessWorld OnlineBEIJING — China staged a low-key but historic debut of its C919 civil jet at its biggest air show on Tuesday, with some delegates unable to attend the scaled-down event because of Beijing’s zero-COVID policy as cases reached the highest level in six months.
Source: bworldph - 🏆 9. / 68 Read more »

Fuel prices decline as China maintains zero-Covid policyOil prices fell on Monday as a result of Chinese health officials’ statements about the country’s intention to maintain its zero-Covid policy, fueling demand concerns from the world&82…
Source: EdgeDavao - 🏆 23. / 51 Read more »

iPhone production in China hit by COVID-19 restrictions
Source: GIZGUIDEPH - 🏆 17. / 59 Read more »

Oil falls for a fourth day as China COVID concerns growMELBOURNE - Oil prices fell for a fourth day on Thursday on concerns that new COVID curbs in China, the world&039;s biggest crude importer, will impact fuel demand. Brent crude futures fell 34
Source: inquirerdotnet - 🏆 3. / 86 Read more »

China producer prices in deflation for first time since 2020 - BusinessMirrorChina’s producer prices fell into deflation for the first time in nearly two years as global commodity prices slid and restrictions to control Covid outbreaks dragged on demand, a further sign of the challenges facing companies already under pressure from the economic downturn. The producer price index declined 1.3 percent in October from a year
Source: BusinessMirror - 🏆 19. / 59 Read more »