China slips into deflation for first time in 2 years

HONG KONG, Aug 12: The Chinese economy has slipped into deflation, with consumer prices falling for the first time in more than two years in another sign of weakening demand.

The consumer price index (CPI) fell by 0.3% in July from a year ago, according to China’s National Bureau of Statistics on Wednesday. That’s the first time the index has fallen since February 2021.