Consumer prices within China dropped by 0.3% year-on-year in July while Beijing also reported its steepest plunge in exports since the pandemic.
Ednews informs that China has officially slipped into deflation for the first time in two years as the country struggles with post-pandemic recovery, data reflected on Wednesday.
The consumer price index (CPI), the main gauge of inflation, dropped 0.3% year-on-year in July, after flatlining in June, said the National Bureau of Statistics (NBS).
The product price index (PPI) plunged for the tenth consecutive month down 4.4% from a year earlier after a 5.4% drop in June.
The deflation was reported a day after trade figuresshowed how Chinese exports and imports plunged in July.
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