Data from Beijing this morning show that there was no increase in consumer prices last month, which saw annualised CPI drop from 2.2 to 1.9 per cent – back to where it stood in the summer. More alarming was the fall in the increase in producer prices, from 2.7 per cent in November to a mere 0.9 per cent acceleration in December – the slowest pace since October 2016. Sovereign bond yields have anticipated this result, having dropped sharply over several months.
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