China recorded a contraction in prices in October, despite the government’s attempt to revive demand in the world’s second largest economy.
Inflation recorded a negative reading of 0.2% year-on-year last month, according to the National Bureau of Statistics, which was twice as much as expected in the Bloomberg poll.
According to the National Bureau of Statistics, the price deflation is associated with a decrease in consumer demand, in addition to other factors, including an increase in the supply of agricultural products.
Even core inflation, which excludes food and fuel prices, slowed to 0.6% in October from 0.8% in September, indicating China’s ongoing battle with deflationary forces and the risk of not meeting the government’s inflation target for the whole year again, set at around 3%.
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