China Inflation


Inflation falls to a seven-month low in December

Consumer prices expanded 2.5% over the same month of the previous year in December, marking the lowest rate since May 2013. The print came in below the 3.0% increase tallied in November and undershot the 2.7% rise that markets had expected. The slight deceleration mainly reflected a slower increase in prices for food and transportation. For the full year 2013, inflation was 2.6%, which was below both the 2.7% tallied in 2012 and the official inflation target of 3.5%.

Meanwhile, the producer price index fell 1.4% in December over the same month of the previous year (November: -1.4% year-on-year), which slightly exceeded the 1.3% drop that market analysts had expected. In the full year 2013, the producer price index fell 1.9%, which was below the 1.7% decline recorded in 2012.

FocusEconomics Consensus Forecast participants expect that inflation will average 3.1% in 2014, which is unchanged from last month's estimate. In 2015, the panel sees inflation rising to 3.3%.

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China Inflation Chart

China Inflation December 2013

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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