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China's consumer prices saw steepest decline in January since 2009 amid deflation struggle

Posted on February 12, 2024 |

China saw its largest decline in consumer prices in over 14 years in January, along with a drop in producer prices.

Policymakers are under pressure to take further steps to boost the economy, which is facing deflation risks.

Slowing prices led policymakers to cut interest rates since early last year, unlike many developed economies focusing on curbing high inflation.

In January, the consumer price index (CPI) fell by 0.8% year-on-year, mainly due to a significant drop in food prices.

Despite meeting the official growth target of around 5% in 2023, China's economic recovery remains uncertain due to concerns about a deepening property crisis and local government debt risks.

China's central bank announced its deepest bank reserve cut in two years in late January, signaling strong support for the fragile economy.

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