Producer prices in China experienced the steepest drop in the last 7.5 years
China’s National Bureau of Statistics released producer inflation for June today. Consequently, producer prices (PPI) fell 5.4 percent year-on-year in June. On a monthly basis, producer inflation was 0 percent.
Thus, producer prices fell for the ninth consecutive time. The annual PPI posted its steepest drop since December 2015.
BELOW EXPECTATIONS
China’s PPI fell 4.6 percent on-year in May. June PPI was expected to be around -5 percent annually. In June, the monthly PPI was predicted to be 0.2 percent.
Chinese producer inflation data missed market expectations. The data showed that the Chinese economy may need stronger political support to recover from the effects of the “zero Covid” application.
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
