China consumption slump deepens as February prices drop

BSS
Published On: 09 Mar 2025, 09:26

BEIJING, March 9, 2025 (BSS/AFP) - Consumer prices in China fell last month for the first time since January 2024, official data showed Sunday, as authorities in the world's second-largest economy struggle to kickstart spending.

The drop comes as Beijing seeks to boost domestic consumption, which has yet to recover from the pandemic.

The consumer price index (CPI) -- a key measure of inflation -- was down 0.7 percent year-on-year in February, according to data released by the National Bureau of Statistics (NBS).

The reading represented a steeper decline than the slump of 0.4 percent in the index forecast by a Bloomberg survey.

It also reversed the 0.5 percent uptick recorded in January, when a surge in spending during the Lunar New Year boosted inflation to its highest rate in months.

"This is mainly due to the impact of factors such as the (Lunar New Year) being in a different month, holidays and price fluctuations of some international staple commodities," said Dong Lijuan of the NBS in a statement.

  • Latest
  • Most Viewed
Sundowns edge Ulsan in front of empty stands at Club World Cup
Four heavy US bombers stationed at key Indian Ocean base: image analysis
DMP Commissioner calls for striker enforcement of laws to check road crashes
Iran armed forces urge evacuation of residents in major Israeli cities
Child marriage cited as cause of HSC absenteeism: Edn Adviser
Loud blasts heard across Iranian capital: AFP
Upcoming election to stand against hegemonic forces: Parwar
Bangla Academy to hold seminar tomorrow
18 new COVID-19 cases, 2 reported deaths in 24 hours
Gazette on welfare, rehabilitation ordinance for July uprising martyrs, injured families
১০