China has an inflation problem. It’s way too low

As much of the world fights desperately to bring down soaring prices that are slashing living standards, China is trying to do the opposite.

Consumer prices rose by just 0.7% in March, compared with a year earlier. Factory gate prices fell for the six month in a row. In America, meanwhile, consumer price inflation was still 5% last month despite falling sharply; in the European Union it was 8.3% and in the United Kingdom 10.1%.

Prices are stagnating or falling in China despite the fact that the People’s Bank of China (PBOC) has been cutting interest rates and pumping cash into the financial system to bolster the economy, and despite the removal of strict Covid control measures late last year.
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