Consumer prices in China slumped in April for the third straight month, official data showed Saturday, as Beijing attempts to revive an economy stymied by sluggish spending and a fierce trade war with Washington.
The world’s second-largest economy has grappled with persistent deflationary pressure in recent years, with longstanding woes in the property sector and export headwinds impeding growth.
The consumer price index (CPI) — a key measure of inflation — was down 0.1 percent last month year-on-year, according to data released by the National Bureau of Statistics (NBS), following previous drops in February and March.
The reading was in line with a Bloomberg forecast of a 0.1 per cent year-on-year decline based on a survey of economists, and consistent with the slight drop recorded in March.
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The latest figures come ahead of Saturday’s start to a meeting of key economic officials from China and the United States in Switzerland, offering a potential offramp for the high-stakes trade war launched by President Donald Trump.
NBS statistician Dong Lijuan said Saturday in a statement about the data that “international imported factors have a certain downward impact on prices in some industries”.
US tariffs on imports from the manufacturing powerhouse now stand at a staggering 145 percent for many products — and reach as high as 245 percent cumulatively on others.
AFP
