China's factory deflation eased in July, driven by a rise in global oil prices and as industrial activity climbed back towards pre-coronavirus levels, adding to signs of recovery in the world's second-largest economy.
The producer price index fell 2.4per cent from a year earlier in July, the National Bureau of Statistics said in a statement, compared with a 2.5per cent decline tipped in a Reuters poll of analysts and a 3.0per cent drop in June.Analysts say China's industrial output is steadily returning to levels seen before the pandemic paralysed huge swathes of the economy, as pent-up demand, government stimulus and surprisingly resilient exports propel a recovery.
But some economists warn the recovery could stall amid cautious consumer spending and a resurgence in global infections. Floods due to heavy rainfall have also disrupted production in some parts of the country in recent months.Advertisement
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