Inflation in China
Throughout 2013 to 2022, China experienced moderate inflation, typically ranging between 1% and 3%. This stability was a result of China's managed economic growth, vast manufacturing capacity and targeted government interventions. Despite global economic uncertainties, including trade tensions and the pandemic, China's inflation remained controlled, reflecting the government's ability to balance growth with price stability.
Consumer price inflation in China averaged 2.0% in the ten years to 2022. The 2022 average figure was 2.0%. For more inflation information, visit our dedicated page.
China Inflation Chart
China Inflation Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Inflation (CPI, ann. var. %, aop) | 2.1 | 2.9 | 2.5 | 0.9 | 2.0 |
Inflation (CPI, ann. var. %, eop) | 1.9 | 4.5 | 0.2 | 1.5 | 1.8 |
Inflation (PPI, ann. var. %, eop) | 0.9 | -0.5 | -0.4 | 10.3 | -0.7 |
Inflation (PPI, ann. var. %, aop) | 3.5 | -0.3 | -1.8 | 8.1 | 4.2 |
Consumer prices record largest fall since September 2009 in January
Consumer prices fell 0.8% in annual terms in January, a steeper decrease than December’s 0.3% year-on-year fall and a larger fall than markets were expecting. January's result marked the largest fall in consumer prices since September 2009. Looking at subsectors, lower prices for food drove January’s reading. Consumer prices increased 0.30% in January over the previous month, accelerating from December's 0.10% rise. January's uptick was the highest reading since August 2023. Finally, the annual average variation of consumer prices was flat in January (December: +0.2%). Meanwhile, producer prices fell 2.5% on an annual basis in January, which was a more modest drop compared to December's 2.7% decrease.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Chinese inflation projections for the next ten years from a panel of 56 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Chinese inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Chinese inflation projections.
Want to get access to the full dataset of Chinese inflation forecasts? Send an email to info@focus-economics.com.
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