China’s consumer price index slows in October – PPI falls for first time in almost 2 years, indicating weak demand

China’s National Bureau of Statistics (NBS) reported that the consumer price index (CPI) rose 2.1% in October from a year earlier. This was a slowdown from the 2.8% increase in September.

The producer price index (PPI) fell 1.3% in October from a year earlier. This was the first decline since December 2020, following a 0.9% rise in September.

The slowdown in CPI and the decline in PPI reflect the weakness in domestic demand. It also indicates that the manufacturing sector in China is affected by the enforcement of strict measures to contain the spread of COVID-19.

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