China Inflation


Inflation reaches 30-month low in July

In July, consumer prices added 1.8% over the same month last year, which was below the 2.2% increase registered in June but overshot the 1.7% rise expected by the market. In fact, the July print represents the lowest inflation figure since January 2010. As a result of the softer rise, annual average inflation eased from 4.4% in June to 4.0% in July. The deceleration observed in July was mainly caused by lower food inflation, which moderated from 3.8% in June to 2.4%, as well as for housing. The producer price index fell 2.9% over the same month last year in July, following the 2.1% drop observed in June. The reading represents the lowest rate recorded since October 2009. As a result, annual average producer price inflation slowed further, falling from 2.2% in June to 1.4% in July. The government expects inflation to average 4.0% this year.

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China Inflation Chart

China Inflation July 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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