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Chinese Office for National Statistics (UIB), October regarding price increases in the country 2024 announced his data.
Accordingly, Consumer Price Index (CPI), percent compared to the same period last year 0,3 while rising, Producer Price Index (PPI) percentage 2,9 declined.
The deflation trend continued to be felt in October with the stagnation in consumer prices and the ongoing decline in producer prices..
It has been observed that the government's steps towards monetary expansion have not yet been reflected in price increases..
CONSUMER PRICES ARE CLOSE TO ZERO
CPI, which is considered the main indicator of inflation, It has been below 1 percent since February 2023.
CPI, percent in January this year 0,8 fell, recording the fastest annual decline since September 2009..
Spring Festival, where the Lunar New Year is celebrated, is held in February due to the increasing expenses during the holiday period. 6 percent for the first time in a month 0,7 increasing index, percent in March 0,1, percent in april 0,3, percent in may 0,3, percent in june 0,2, percent in july 0,5, percent in august 0,6 and percent in September 0,4 had risen.
Analysts point out that the stagnation in CPI causes deflation concerns to continue..
MANUFACTURER PRICES 25 IT HAS BEEN DECREASING FOR MONTH
The decline in producer prices since October 2022 continued in September. PPI percentage calculated from ex-factory prices of manufactured products 2,9 decreased.
The decline in PPI in the last quarter of 2022 2023 continued throughout.
Manufacturer prices, percent on an annual basis in January this year 2,5, percent in february 2,7, percent in March 2,8, percent in april 2,5, percent in may 1,4, percent in june 0,8, percent in july 0,8, in august 1,8 and percent in September 2,8 had decreased.
Weakness in domestic demand, Debt risks of local governments and the decline in the real estate sector, The growth of China, the world's second largest economy, continues to be negatively affected.
In a period when inflation is high in the world, especially in developed economies, following the Covid-19 epidemic, The reverse trend appears to be taking root in China.
ECONOMIC GROWTH IS BELOW THE ANNUAL TARGET
chinese economy, this year 9 percent of the month 4,8 growing up, government at the end of the year “percentage 5 around” It had performed below its anticipated growth target..
Debt problems of local governments in China, decline in real estate sector, Chronic problems such as weakening domestic demand and deflation tendencies negatively affect economic growth..
The Beijing administration has taken some steps to revitalize the economy in recent weeks, in line with market expectations.. Central Bank of China (PBoC), 24 In September, it announced policy steps ranging from reducing the reverse repo rate to reducing required reserve ratios and reducing housing loan interest and minimum guarantee payments..
On the other hand 21 In October, it served as the benchmark interest rate for corporate loans and real estate loans. 1 ve 5 annual loan interest rates (LPR) 25made a 'basis point' reduction.
Following the meeting held this week by the Central Committee of the National People's Congress, which functions as the legislative body in China, it decided to issue a quota of special debt bonds for local governments experiencing debt problems in order to stimulate economic growth. 3 for the year 6 trillion yuan (approximately 840 billion dollars) It was decided to remove.
The effects of gradual steps aimed at encouraging economic growth on the real economy have just begun to be seen.. Economic activity in the manufacturing industry, in October, 5 entered the course of expansion for the first time in a month. National Bureau of Statistics of China (UIB) according to data, manufacturing industry Purchasing Managers Index (PMI), in October 0,3 The score increased to 50.1.
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