China tips into deflation as Beijing struggles to revive demand
China’s post-pandemic recovery has slowed after a brisk start in the first quarter as demand at home and abroad weakened and a flurry of policies to support the economy failed to shore up activity.
China is the first G20 economy to report a year-on-year decline in consumer prices since Japan’s last negative headline CPI reading in August 2021 and the weakness adds to concerns about the hit to business among major trading partners. The data comes a day after trade figures showed exports and imports both slumping in July and follows a spate of reports on more debt troubles in China’s giant property sector. Worried consumers and companies are hoarding cash rather than spending or investing it, despite lower interest rates.Price of pet food soars, increasing the need for donations
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