Caixin
Nov 09, 2022 02:45 PM
ECONOMY

China Producer Prices in Deflation for First Time Since 2020

A scooter driver approaches a street under temporary lockdown measures in Shanghai on Sept. 28. Photo: VCG
A scooter driver approaches a street under temporary lockdown measures in Shanghai on Sept. 28. Photo: VCG

(Bloomberg) — China’s producer prices fell into deflation for the first time in nearly two years as global commodity prices slid and restrictions to control Covid outbreaks dragged on demand, a further sign of the challenges facing companies already under pressure from the economic downturn.

The producer price index (PPI) declined 1.3% in October from a year earlier after gaining 0.9% the previous month, the National Bureau of Statistics (NBS) said Wednesday, the first fall in the gauge since December 2020.

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