BEIJING - China’s factory-gate prices shrank at the sharpest pace in three years in August, falling deeper into deflationary territory and reinforcing the urgency for Beijing to step up economic stimulus as the trade war with the United States intensifies.
Analysts say flagging demand at home and abroad is forcing some Chinese businesses to slash prices to salvage new orders or cut output to contain costs, chipping away at already-lean profits and further dampening business confidence.China’s producer price index dropped 0.8% from a year earlier in August, widening from a 0.3% decline seen in July and the worst year-on-year contraction since August 2016, National Bureau of Statistics data showed on Tuesday.
China’s oil and gas extraction industries saw the greatest deflationary pressure in August, notching up price declines of 9.1% on year, according to official results. The oil, coal and other fuel processing industries also saw price deflation worsening to 5.9% in August.
‘PeperPig led inflation?’
Pork prices are high due to the mass slaughter of 8,000 pigs to stop the swine flu outbreak.
BaldingsWorld I suspect that we are witnessing the worst governance of China since Mao. Xi seems to be as detached from reality as Mao ever was.
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