China's consumer price index hit a two-year high in July, but was still well below that of the U.S. which reported a 8.3% year-over-year increase for August.
That still shows a greater impact of inflation in the U.S. than in China, although the share of affected respondents jumped by 1 percentage point more in China than in the U.S.
More than half of respondents in China said that due to the possibility of a recession, they've gone out less for food and entertainment, as well as switched to cheaper brands and services when possible.Concerns about an economic slowdown have risen around the world. Although the International Monetary Fund in July said it stillthis year, the country's gross domestic product is on track to slow sharply from last year.
When asked what purchase they might delay as a result of inflationary pressures, respondents mentioned automobiles the most, followed by leisure travel, the report said.China's "zero-Covid policy is a major deflationary force, which supports production but saps demand," Macquarie's chief China economist Larry Hu said in a Sept. 9 report. Property troubles are "another major deflationary force," he said.
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