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China returns to deflation after 11 years

09 December 2020 11:35 (UTC +04:00)

China's consumer price index (CPI) marked a contraction in November for the first time since 2009, going under the estimates and falling 0.5% on an annual basis, according to a report by the country's National Bureau of Statistics released on Wednesday, APA reports citing Teletrader.

The figure dropped by 1 percentage point from the annual inflation rate of 0.5% seen in October, while consumer prices on a monthly basis landed at a negative 0.6% in contrast with the previous month's figure of 0.3%.

In the meantime, the country’s producer price index (PPI) went 1.5% down year-on-year, decreasing less than analysts projected.