China's consumer prices post steepest decline in 14 years

China is reporting a drop in prices, reflecting the steepest pace of declines in more than 14 years.
The country's National Bureau of Statistics said in January, annual inflation fell 0.8 per cent.
This was after a 0.3 per cent drop in December.
The CPI however rose by 0.3 per cent month-on-month, that is December 2023 to January 2024.
The annual CPI decline in January was the biggest since September 2009, and was mainly led by a sharp drop in food prices.
The results are ramping up pressure on policymakers to do more to revive the Chinese economy, which is facing low confidence and deflationary risks.

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