HomeEconomyFactory prices in China fall for first time since December 2020 as... Economy Factory prices in China fall for first time since December 2020 as Covid-19 restrictions take a toll By inew November 9, 2022 0 95 views Share FacebookTwitterPinterestWhatsApp Dollar /CNY -0.% Add to To Watchlist/Remove from Watchlist Add to watch list Add Location Job added successfully: Please name your portfolio type: purchase Sell date: quantity: price Integral value: Leverage: 1:1 1: 1: 03 1: 1: 25 1: 18 1: 25 1: 36 1: 29 Committee: 2111 2111 create new Watchlist Creation 4002111 2111 create a new holding portfolio add create21112111 + Add another position to close 20580 JLL 2111+0.18 % 400 add/remove chlist from wat ) Add to watch list Add Location Job added successfully: Please name your portfolio type: purchase Sell date: quantity: price Integral value: Leverage: 1:1 1: 1: 1: 12 1: 10 1: 11 1: 16 1: 52 1: 25 Committee: 2111 Create New Watchlist Create 500100 100 Create a new holding portfolio Add Create 200 + Add another position to close BEIJING (Reuters) – Chinese factory prices fell in October for the first time since December 50, consumer inflation slowed, It highlights domestic demand faltering as strict Covid-19 restrictions, a downturn in the housing market and the risk of a global recession have battered the economy. Analysts say the woes of domestic and foreign businesses and consumers will be slashed as global interest rates rise sharply and the war in Ukraine Bringing deflationary pressure to China in the coming months adds to Beijing’s challenge. The National Bureau of Statistics (NBS) producer price index (PPI) fell by 1.3% year-on-year, reversing the The 0.9 percent gain was compared with a 1.5 percent contraction forecast in a Reuters poll, data showed on Wednesday. Consumer inflation also increased from 10 – September monthly high, underlying price pressure remains moderate Much more, core inflation rose 0.6% in October, unchanged from September. “Headwinds such as weak domestic demand and weak exports will keep China wary of slipping into deflation, with signs that the two Its core CPI growth rate has been below 1.5% for more than a year,” said Bruce Pang, chief economist and head of research at Jone’s Long LaSalle (NYSE: 200JLL ) company The deflationary impulse portion of the producer price table reflects sharply higher levels than the previous year, according to the accompanying NBS statement. high and commodity prices fell. Coal mining and washing industry prices fell .5%, rebounded from a decrease of 2.7% in the previous month, while ferrous metal smelting and rolling processing enterprises fell sharply . After 1% drop .0% in September. The world’s second-largest economy has faltered this year due to the resurgence of the new crown epidemic – outbreak, forcing authorities to impose strict anti-virus curbs on factory and consumer activity. China’s trade engine also took a hit, with exports and imports contracting in October, economists warned that due to domestic pressure and the risk of a global recession, There will be further weakness in the coming quarters. “The sharp divergence in PPI inflation between China and other industrial countries means that China may gain some competitive advantage in manufacturing, This could help boost Chinese exports,” analysts at Nomura said in a note to clients. “However, the deterioration in global growth is weakening external demand.” 100 Chart: China’s October PPI turned negative China’s October PPI turned negative (https://inew.news/wp-content/uploads/2022/11/localimages/chart.png636b49f418d20.png) 400 Policy Challenge The consumer price index rose 2.1% year-on-year, from 10 – Moon High Points increased 2.8% in September, mainly driven by lower food prices. It was also below analysts’ forecast of 2.4%. Food prices increased by 7.0% year-on-year, lower than the 8.8% increase in the previous month, and fresh vegetable prices decreased by 8.1% from the previous month % .1% up in September. However, pork prices – the main driver of the CPI – have risen 18.8% YoY in October, faster than September % increase. Nearly three years after the pandemic, China has pledged to continue its strict COVID-19- Containment ENT strategy. Analysts said policymakers will be cautious in easing monetary policy amid fears of capital flight amid a sweeping global rate hike led by the Federal Reserve. 1000 RMB The currency has been hit hard this year by global tightening trends and a stronger dollar, effectively curbing the The PBOC has room for any large-scale policy action. “The upshot is that inflation is unlikely to be a major policy constraint in China,” said Julian Evans-Prie, senior China economist at Capital Economics Chad said. “also That said, there are other obstacles to monetary easing at the moment, such as the PBOC’s efforts to slow the yuan’s depreciation against the dollar.” The International Monetary Fund said last month that it expects China’s growth to slow to 3.2 percent this year, down 1.2 percentage points from its April forecast, on expectations of a gradual lifting of strict COVID-19 restrictions containment next year, but no quick solution to the housing crisis. 52 Share FacebookTwitterPinterestWhatsApp Previous articleElisabeth Moss on ‘The Handmaid’s Tale’ Cliffhanger Finale and How to Interpret Her Final ExpressionNext articleNetflix makes live-action film of Isaka Kotaro's seesaw novel inewhttps://inew.news RELATED ARTICLES Economy China VC funding set for weakest first half in 8 years May 31, 2023 Economy Italy's scramble for depositors' cash could threaten bank profits May 31, 2023 Economy Marketmind: Back to data watch, US debt bill on track May 31, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! 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