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First reduction in China factory pricing in 2 years due to COVID-19

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  • China’s factory gate prices or producer price index (PPI) fell by 1.3% year-on-year for October, its first decline since December 2020, the National Bureau of Statistics (NBS) data showed on Wednesday.
  • This was driven by faltering domestic demand amid COVID-19 curbs, a property slump and global recession risk hitting the economy. Consumer inflation moderated from a 29-month high in September.

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