Deflation was unique to China in 2023, and that remains the case two months into the new year as the country grapples with slumping demand as a result of its dire real estate crisis and broader economic malaise.
China is the only major economy with negative consumer prices, dropping 0.8% year-over-year in January. That marked the fourth consecutive month of declines and the steepest drop in 15 years.
China Policy Research 