(Bloomberg) -- China’s consumer prices rose more than expected in July, largely due to seasonal factors like weather, leaving intact concern over sluggish...
-- China ’s consumer prices rose more than expected in July, largely due to seasonal factors like weather, leaving intact concern over sluggish domestic demand and boosting the case for more policy support .New York City’s Outdoor Dining Sheds Will Start Disappearing
The world’s No. 2 economy is battling its longest streak of deflation since 1999, as weak consumption and investment demand lead to intense price wars in various sectors. Falling prices across the economy have resulted in weaker nominal gross domestic product growth, undermined companies’ profits and threatened to make consumers even more inclined to delay purchases because they expect costs to continue dropping.
Among non-food items, the prices of cars, smart phones and home appliances led the declines, reflecting price wars and persistent spillover impact from a housing downturn.“Despite a slight pickup, China’s consumer price inflation stayed low in July, showing policymakers still have lots of work to do to help the economy shed the risk of deflation.”
Reviving domestic demand is increasingly important as exports — a rare bright spot in the economy this year — unexpectedly slowed in July, signaling a cooling of global demand. That is imperiling Beijing’s goal of around 5% growth for 2024. The People’s Bank of China is also expected to have more room to cut interest rates this year as traders price in a more aggressive path of rate cuts by the US Federal Reserve. Some economists see a total of three in China in 2024 — easing unseen in years.
Consumer Prices China Domestic Demand Producer Price Index Unfavorable Weather Conditions National Bureau Of Statistics Consumption Demand China Pork Prices Nominal Gross Domestic Product Policy Support
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