China is experiencing a rare episode of sliding prices. Japans economy experienced this back in the 1990s and early 2000s. Now, this comes hot the heels of disappointing china trade data on tuesday, which showed that exports sank at their fastest rate since the pandemic, dropping by more 14 in the year tojuly, with imports also falling by more than 12 in the same period. Joining me now is duncan wrigley, Chief China Economist at pantheon macroeconomics. Thank you very much for being with us today. The Rest Of The World looking on in amazement. Considering the inflationary pressures the rest of us are dealing with. What do you read Between The Lines in this latest data . Between the lines in this latest data . Latest data . Ok, i mean, there are some latest data . Ok, i mean, there are some shortterm latest data . Ok, i mean, there are some shortterm factors i are some short term factors that push down the data for this month, there has been a surge of seasonal vegetables, the big pictu
For a while yet if in the future at all, pointing to an unstable global Food Supply Pressurised by the war in ukraine. Now the price of food in the uk rose by nearly 17. 5 in the year tojune, which was actually a fall from a high of just over 19 in the year to march, following an overall drop in the wholesale price of food which you can see here peaking when russia invaded ukraine last year. It has been trending downwards. But prices are still much higher than before the war and have started creeping up again. Lets discuss this with Kona Haque Head of reserach at commodities house ed and f man holdings. Good to have you on the programme. Do you agree with the Chief Economist at the Bank Of England that actually high food prices are here to stay . I think at least for the sure term we still have got some pressures that will keep prices elevated. The factors globally, the stocks, global stocks of the stocks, global stocks of the grains, the staples such as grains and oils, and sugar, the
I mean, these figures for trade are actually even worse than economists had anticipated in terms of exports. Its the weakest data since back in february 2020, when china, of course, was right in the thick of the pandemic. Why is this data so bad . Well, its mainly to do with chinas customers abroad. Theyre really struggling with high inflation, high Interest Rates. So theyre spending less money on chinese goods. And if youre a policymaker in beijing, well, its difficult to say what you should do about that. You cantjust force other countries to start buying more of your goods. But theres also more to contend with. If you look at the spending within china, thats also looking not very encouraging at the moment. Tomorrow, were expecting some more figures to be coming out, which will probably show Deflation Prices actually going down in china. Thats a bit more difficult to explain. But there are some people who think that chinas Zero Covid Policy went on for so long that customers just are
just two weeks ago he was leading an armed insurrection against vladimir putin. meantime russian state media reporting that police have allegedly found passports, wigs, cash, gold and guns during a raid on prigozhin s homes stepping up an apparent propaganda campaign against prigozhin. let s bring in nada bashir from london. obviously a lot to unpack here. the reason this is so noteworthy of course is because we thought prigozhin was in exile in belarus. he has not been seen from or heard from since the armed rebellion on june 23rd. what are you hearing? you re right. there have been questions since he hasn t been seen the failed insurrection. they believe there was a deal struck with the belarusian president lukasalexander lukash but of course as we ve just learned, according to lukashenko who was speaking at a press conference, yevgeny prigozhin is said to be in st. petersburg in russia. this is as russian state media has released video footage purportedly from yevgeny pr
for the presidential race? donald trump again. ron desantis. tim scott, bringing the country back together. steve: yep, we re having a party in the u.s. at 48th and sixth avenue. we usually travel somewhere in the country to do breakfast with friends, today paris bagueteset up a diner in manhattan. they are going for 1000 destinations. they have them all over the place. franchise opportunity for the right investment. we ll talk to the guy that runs it in a little bit. it is paris baguete. do we have peresian music? brian: in paris they are still playing the organ? accordion? you have never been? brian: they should have modernize. steve: it is romantic. ainsley: wi-wi. steve: all the way home. in hour three of fox and friends. according to gavin s app, it is going to rain within the last hour. we re going to try to put a dome over brian: tell dana to stay indoors. ainsley: dana will be on the show and tell janice to hold off the race one more hour