BEIJING : China’s factory gate deflation deepened in June and missed expectations, while consumer prices were unchanged, data showed on Monday, as a faltering post-COVID recovery weighed on demand.
The producer price index (PPI) fell for a ninth consecutive month, down 5.4 per cent from a year earlier after a 4.6 per cent drop the previous month. That compared with a forecast for a 5.0 per cent fall.
The consumer price index (CPI) stood was unchanged year-on-year, compared with the 0.2 per cent gain seen in May, the National Bureau of Statistics (NBS) said. The missed lagged the median estimate of a 0.2 per cent rise in a Reuters poll.
Momentum in China’s economic recovery has slowed as manufacturing and consumer spending falters. Authorities are signalling faster growth in the second quarter and markets are awaiting more concrete stimulus from Beijing to prop up consumption.
Source: CNA
