{"id":11611,"date":"2023-11-09T11:44:49","date_gmt":"2023-11-09T11:44:49","guid":{"rendered":"https:\/\/infundpros.com\/business\/plunging-pork-prices-tip-china-back-into-deflation\/"},"modified":"2023-11-09T11:44:50","modified_gmt":"2023-11-09T11:44:50","slug":"plunging-pork-prices-tip-china-back-into-deflation","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=11611","title":{"rendered":"Plunging pork prices tip China back into deflation"},"content":{"rendered":"
\n

\n Editor\u2019s Note: Sign up for CNN\u2019s Meanwhile in China newsletter which explores what you need to know about the country\u2019s rise and how it impacts the world.\n<\/p>\n<\/p>\n

\n Consumer prices in China fell more than expected last month, sliding the country back into deflation and renewing concerns about the strength of the world\u2019s second largest economy.\n <\/p>\n

\n The country\u2019s National Bureau of Statistics (NBS) said Thursday that the consumer price index (CPI) edged down 0.2% in October compared to the same month a year ago. The decline exceeded the 0.1% fall forecast by a Reuters poll of analysts.\n <\/p>\n

\n The drop was mainly attributed to falling food prices, particularly pork, which has been sliding for months and is down 30% compared to a year ago, according to Goldman Sachs analysts.\n <\/p>\n

\n Pork prices have been under pressure as increased <\/strong>supply of the meat <\/strong>has outstripped demand. As China\u2019s most consumed meat, pork has an outsized weighting in the consumer price index.\n <\/p>\n

\n Core inflation, which strips away the traditionally volatile categories of fresh food and energy, fell even more sharply in October, by 0.6%.\n <\/p>\n

\n Economists say that\u2019s bad news, because it reflects low consumer demand in general. The new data adds to \u201cevidence of renewed economic weakness,\u201d Capital Economics wrote in a note to clients Thursday.\n <\/p>\n

\n Robert Carnell, regional head of research for Asia Pacific at ING, disputed the notion that China\u2019s economy was suffering from <\/strong>deflation, which economists define as a sustained and broad decline in general price levels for goods and services over a period of time.\n <\/p>\n

\n He said deflation was <\/strong>a <\/strong>\u201cpernicious\u201d situation characterized by a decline in consumer prices as well as the prices of assets and wages, leading to a sharp slowdown in economic activity.\n <\/p>\n

\n \u201cWhat China has right now, is a low rate of underlying inflation, which reflects the fact that domestic demand is fairly weak,\u201d he wrote in a Thursday report.\n <\/p>\n

\n China briefly slipped into deflation in July, with CPI falling by 0.3%. But consumer prices recovered in August.\n <\/p>\n

\n The country is grappling with an uneven economic recovery as it battles a series of challenges, including an ailing property market and heightened reluctance among some businesses and consumers to invest or spend.\n <\/p>\n

\n Poor sentiment is on display at the world\u2019s biggest annual shopping festival, Singles Day. This year, the weeks-long retail blowout, which officially starts on November 11, has forced e-commerce players to offer eye-popping discounts in a bid to entice shoppers to open up their wallets.\n <\/p>\n

\n Chinese suppliers of goods are facing challenges, too. The producer price index, which measures the prices of goods at the factory gate,\u00a0fell 2.6% last month compared to a year ago, NBS data showed.\n <\/p>\n

\n This drop \u201creflects uncertainty around the solidity of\u00a0China\u2019s recovery,\u201d HSBC Greater China economist Erin Xin noted in a report.\n <\/p>\n

\n This \u201cwill likely keep policymakers on guard to keep support coming through,\u201d she added.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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