China January inflation plunges to five-year-low 0.8%

China's inflation plunged to 0.8 percent in January, its lowest level for more than five years, official data showed on Tuesday, fuelling fears the world's second-largest economy is on the brink of a deflationary spiral. The rise in the consumer price index (CPI) was sharply down from the 1.5 percent recorded in December, and was the weakest since 0.6 percent recorded in November 2009, according to the National Bureau of Statistics. Moderate inflation can be a boon to consumption as it