China Inflation


Freezing winter pushes up inflation

In December, consumer prices increased 2.5% over the same month the previous year. The print was up from the 2.0% rise observed in November and marked, in fact, the highest rate since May 2012. In addition, inflation in December overshot market expectations that had consumer prices increasing 2.3%. The monthly print mainly reflected higher prices for food as the coldest winter in decades has boosted fresh food prices. In the full year 2012, inflation moderated to 2.6% (2011: +5.4%), which is well below the 4.0% goal set by the government.

Meanwhile, in December, the producer price index fell 1.9% over the same month the previous year. The print followed the 2.2% drop observed in November but represented, in fact, the highest reading in seven months. In the full year 2012, producer prices fell 1.7%, contrasting the 6.0% rise tallied in 2011

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China Inflation Chart

China Inflation December 2012

Note: Year-on-year and annual average variation of consumer price index in %.
Source: National Bureau of Statistics of China (NBS).

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