China’s inflation rate reached zero last month, with production prices falling more than expected, official figures show, in a new indicator of weakness in the world’s second-largest economy.
An annual decline of 7.2 per cent in China’s basic pork prices, low oil prices and, consequently, transport costs weighed heavily on the cost of the basic food basket according to the Statistics Bureau.
Production prices, which calculate the cost of goods upon exit, fell by 5.4 per cent year-on-year following a 4.6 per cent decline in May.
The Statistical Office said that weak demand and a sharp decline in the cost of raw materials also contributed to lower commodity prices upon exiting factories.
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