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Michael Pettis: China consumer prices show persistent deflationary pressures in July

Michael Pettis: China consumer prices show persistent deflationary pressures in July
China CPI declines for third straight month

Michael Pettis, economist, professor of finance, nonresident senior fellow, author, macroeconomic analyst at Peking University; Carnegie Endowment for International Peace, highlights that consumer prices in China continue to face entrenched deflationary pressures.

According to Pettis, the Consumer Price Index rose 0.5% year on year in July, marking its lowest level since January. On a month-on-month basis, CPI declined by 0.1% for the third consecutive month and the fourth time this year. Pettis also notes that the Producer Price Index registered an increase.

Pettis previously reported that China's property market saw a significant year-on-year decline in cumulative sales in July. He also noted that China’s old growth engines have faded and new ones have not yet replaced them. These developments have added to persistent economic pressures in China.

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