China's consumer inflation turns negative for the first time in 13 months

China’s national consumer price index (CPI) fell by 0.7% in February from a year earlier, marking the first negative territory since January last year, mainly due to a decline in food, tobacco, and alcohol prices. The monthly CPI decrease of 0.2% in February comes as Beijing sets its GDP target for 2025 at “around 5%” and revises down its annual consumer price inflation target to “around 2%,” the lowest in over two decades. Economists believe achieving the growth target may be challenging amid weak domestic consumption and escalating trade tensions with the U.S. administration.

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