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China Inflation December 2023

China: Consumer prices continue to fall in December; producer prices also decline

Consumer prices decreased 0.3% in annual terms in December, following November’s 0.5% year-on-year decrease and a slightly softer fall than markets were expecting. Annual average inflation edged down to 0.2% in December (November: 0.4%). Lastly, consumer prices increased 0.10% in December over the previous month, swinging from November’s 0.50% drop.

Meanwhile, producer prices fell 2.7% on an annual basis in December, which was a smaller fall than November’s 3.0% decrease.

Weak price pressures reflect shaky domestic demand, low pork prices amid elevated hog supply, and the sharp pullback in global oil prices in Q4.

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