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China's economy struggles as inflation sees fastest decline in 14 years

China's economy struggles as inflation sees fastest decline in 14 years

Posted on February 12, 2024   |  

China faced its biggest drop in consumer prices last month since the global financial crisis, putting pressure on the government to help the struggling economy.

Consumer prices fell by 0.8% in January compared to a year ago, the lowest since September 2009, which was worse than expected by economists.

Producer prices also dropped by 2.5% in January, marking 16 months of declining factory costs.

Confidence in China's economy is still shaky despite providing more money to banks and construction projects with government bonds, boosting the economy.

To stabilize the stock market, China took steps like removing the head of the main securities regulator, causing shockwaves in the industry.

The (Commodity Section Index) CSI 300 Index rose by 0.4%, potentially marking a fourth day of gains, while the yuan's value remained steady at 7.1945 per dollar.

China continues to grapple with falling prices, highlighting the challenge of restoring consumer confidence and domestic demand, as the economy faced its longest period of price decline since 1999 in the last quarter.