China Faces Fastest Consumer Price Drop Since 2009 Crisis Amid Deflation Fears

Consumer prices in China dropped 0.8% in January 2023 compared to a year earlier, the fastest pace since the 2009 global financial crisis
It's the weakest consumer price index growth since September 2009, highlighting mounting economic pressures
Core CPI rose just 0.4% in January, the slowest pace since June 2022, underscoring concerns about deflation
Experts warn deflation could spiral if people hold off purchases expecting lower prices
Economists estimate deflationary pressure could persist for at least 6 more months due to prolonged property woes and poor consumer sentiment