China Inflation


Inflation stable in January

In January, consumer prices expanded 1.0% over the previous month, which was up from the 0.3% increase tallied in December and marked the highest rate since February 2013. The monthly increase mainly reflected higher prices for food, as well as for recreation, education, cultural articles and services.

Annual inflation remained stable at December's 2.5% in January, but slightly overshot the 2.4% that markets had expected. Nevertheless, the trend moved upward in January, with annual average inflation inching up from 2.6% in December to 2.7% in January, the highest level since December 2012.

Meanwhile, the producer price index fell 1.6% in January over the same month last year (December: -1.4% year-on-year), which matched market expectations. The annual average variation of the producer price index remained stable at January's minus 1.9%.

FocusEconomics Consensus Forecast participants expect that inflation will average 3.2% in 2014, which is up 0.1 percentage points from last month's estimate. In 2015, the panel sees inflation rising to 3.2%.

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China Inflation Chart

China Inflation January 2014

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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