link:China, Russia among nations with real wage growth in 2023: UN | Al Mayadeen English

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China records fastest deflation in three years

An earlier report in December by China's National Bureau of Statistics indicated that consumer price decreases in China quickened in November, meaning the country's post-pandemic economic recovery may take longer than originally anticipated.

The consumer price index (CPI) decreased 0.5% year on year in November, the largest reduction since November 2020. Consumer prices have been influenced in part by a drop in pork prices, which is a substantial component of China's CPI basket due to its popularity among consumers. In November, overall food costs in the country fell by 4.2%.

While the bulk of the world's countries have struggled with inflation this year, researchers warn that China's plummeting prices might be just as problematic. Deflation can cause a slowdown in economic activity and halt growth since individuals are likely to buy less because they expect prices to fall further, and firms may begin to curtail output and investment owing to falling demand.

Most analysts predict that China will fail its 3% annual inflation target this year and that deflation will likely endure throughout the first half of 2024......."