China slips into deflation
China’s economy fell into deflation in July for the first time in more than two years, as the country struggles to revive its economy after the pandemic.
The consumer price index (CPI) dropped 0.3% year on year in July, compared with 0% in June, according to data released by the National Bureau of Statistics (NBS) today (August 9). Analysts polled by Reuters had estimated a median decrease of 0.4%. China last reported a drop in its CPI in February 2021.
Chinese manufacturers have been charging
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